The Wall Street Journal piece is gated:

In very brief:

  • Trump's team is working on reciprocal tariffs this week via executive action, bypassing Congress.
  • Peter Navarro, a key Trump trade adviser, has long supported this policy.
  • The plan aims to match or exceed tariffs imposed on U.S. exports by other nations.
  • It may also target non-tariff barriers, like foreign subsidies, taxes, and regulations. Japan, the EU, and China could face higher U.S. tariffs under this approach.

A few minutes ago Trump didn't add anything much on this:

Trump tariffs
Source: Forex Live