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.

Trump spoke to reporters from the Oval Office about his decision, saying it was an “amazing day.” When asked if prices would rise as a result of the tariffs, he said that they “could go up somewhat” at first, but then “prices will also go down.”

The president said his advisers would devise new tariff levels reflecting countries’ tariffs, taxes, subsidies and other policies affecting trade with the United States.