President Donald Trump said Saturday value-added taxes, taxes levied to goods during each stage of production which are widely used in Europe, will be considered tariffs as part of the reciprocal tariff plan he argues would level the playing field in global trade—though economists project they would increase inflation this year.

WASHINGTON — President Donald Trump is taking a blowtorch to the rules that have governed world trade for decades. The “reciprocal’’ tariffs that he announced Thursday are likely to create chaos for global businesses and conflict with America’s allies and adversaries alike.

I’ve decided for purposes of fairness that I will charge a reciprocal tariff,” Trump said in the Oval Office at the proclamation signing. “It’s fair to all. No other country can complain.”