US Treasury Secretary Scott Bessent defended the new US tariffs that triggered a steep decline in global financial markets. Bessent dismissed concerns of a US recession and emphasized the necessity of the tariffs. While indicating that President Donald Trump was standing firm on the tariffs, Bessent mentioned that discussions with over 50 countries were ongoing but would require time. He emphasized that some countries had engaged in unfair trade practices for a prolonged period, and resolving these issues would not be instant. Bessent explained that the tariffs were crucial for the US and the path forward would depend on the responses from other countries. Despite the market losses of $5.4 trillion within two days of the tariff announcement, Bessent downplayed these as short-term reactions. He stated that the market often underestimated President Trump. With new tariffs taking effect, concerns were raised about potential economic impacts. While acknowledging possible price increases for US consumers due to the tariffs, White House's Kevin Hassett expressed confidence that they would not significantly affect consumers and that Trump's proposed tax and spending cuts could benefit Americans in the long run.