President-elect Trump is backing down from his promise of implementing tariffs on Mexico and Canada on his first day in office, according to a report from the Wall Street Journal. 

The Journal reports the soon-to-be 47th president will issue a memorandum directing federal agencies to study trade policies and America’s trade relationships with Communist China, Mexico, and Canada. However, the paper says he will not impose new tariffs.

The memo will direct agencies to investigate trade deficits, currency policies, and unfair trade policies by other nations. It also directs agencies to evaluate how well China is complying with its 2020 trade deal with America and how well Mexico and Canada are complying with the U.S.-Mexico-Canada Agreement. 

A Trump adviser told the Journal the memorandum is designed to lay out his trade policy in a “measured way.” 

While traders and leaders of countries bracing for tariffs are likely breathing a sigh of relief over the news, the U.S. Dollar Index — a measure of the dollar’s value against other foreign currencies — dropped by 1 percent after the Journal’s report. 

Mr. Trump previously threatened to implement a 25 percent tariff on “all products coming into the United States” from Mexico and Canada on his first day in office and said that tariff is “the most beautiful word in the entire dictionary of words.”