President Donald Trump signed a memo Thursday directing his administration to start determining what level of reciprocal tariffs the U.S. will impose on foreign imports—after long promising to announce the new round of tariffs—but the new taxes will not take effect yet.

Since the 1960s, tariffs — or import taxes — have emerged from negotiations between dozens of countries. Trump wants to seize the process. “Obviously, it disrupts the way that things have been done for a very long time,