President Donald Trump on Thursday order federal agencies to study sweeping reciprocal tariffs via executive order, the Wall Street Journal reported.

Though he had suggested tariffs would come today, his order only sets the process in motion. Such tariffs will play a crucial role in Trump's efforts to deal with trade deficits and foster more favorable trade conditions for the U.S.

He previously signaled he would impose tariffs on Truth Social.

"THREE GREAT WEEKS, PERHAPS THE BEST EVER, BUT TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!! MAKE AMERICA GREAT AGAIN!!!" he posted Thursday.

In recent weeks, Trump has used the threat of tariffs to secure concessions from Mexico and Canada on border security, promising to delay their implementation after both nations committed troops and funds to combat trafficking.