US President Donald Trump has confirmed that the “reciprocal tariffs” will go into effect at midnight on Thursday.

“Reciprocal tariffs take effect at midnight tonight,” Trump wrote on Truth Social on Wednesday.

He estimated that these tariffs would bring “billions of dollars” to the US economy—and mainly from countries that have “taken advantage of the United States for many years.”

On August 1, Trump signed an executive order imposing US import tariffs of 15% to 41% on more than 60 countries and the European Union. The highest tariffs have been imposed on Iraq (35%), Serbia (35%), Switzerland (39%), Laos (40%), Myanmar (40%), and Syria (41%).