If President Donald Trump's tariffs lead to a rise in U.S. inflation, it would be a "one-time slight increase," Treasury Secretary Scott Bessent said after the administration outlined a plan for more levies.

"If prices go up — and I'm not sure they will because a huge amount is absorbed by the currency, big amount is absorbed by the foreign producer — but if they do, we could see a one-time, slight increase," Bessent said Thursday.

Trump on Thursday tasked his economics team with devising plans for reciprocal tariffs on every country taxing U.S. imports, ramping up prospects for a global trade war with American friends and foes.

Trump campaigned on promises to lower prices for inflation-weary consumers, but some economists have warned that his push for higher tariffs on imported goods could worsen inflation. U.S. markets were rattled on Wednesday by higher-than-expected inflation.

Earlier this month, Trump said sweeping tariffs on Mexico, Canada and China may cause "short term" pain for Americans.

"We may have short term some little pain, and people understand that. But long term, the United States has been ripped off by virtually every country in the world," he said on February 2.

He subsequently paused tariffs on Mexico and Canada but not China.

The price impact from tariffs depends on factors such as U.S. fiscal and monetary policy that may lift the dollar's value, trade retaliation that could lower other domestic prices, and whether or not importers or exporting firms absorb some of the tariff costs.