President Trump detailed his proposed trade policy overhaul in an extensive Truth Social post on reciprocal tariffs targeted at the U.S.'s trading partners.

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.

President Donald Trump has rolled out his plan to increase U.S. tariffs to match the tax rates that other countries charge on imports.