During a Tuesday press conference at his Mar-a-Lago resort, President Donald Trump said new sector-specific U.S. trade tariffs were in the works, including 25% levies on imported vehicles, pharmaceutical products and computer microchips.

Here’s what you need to know about reciprocal tariffs and who might be impacted by Trump’s plan. Reciprocal tariffs refer to tariffs—the taxes charged on imported goods—the U.S. government plans to levy against global trading partners that are equal to the existing tariffs foreign countries have set against American goods.