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.

The president of the European Commission is condemning President Trump’s decision to impose a 25% tariff on foreign steel and aluminum and pledging to retaliate.

During his first term, Trump put tariffs of 25% on steel imports and 10% on aluminium imports from Canada, Mexico and the European Union. But the US reached a deal a year later with Canada and Mexico to end those tariffs, although the EU import taxes remained in place until 2021.