Treasury Secretary Scott Bessent dismissed panic surrounding the stock market and instead reaffirmed his support of the tariffs imposed by the Trump administration.

Bessent appeared on NBC News’s Meet the Press Sunday after a six-week slump in the S&P 500. The stock market closed on Friday with a 10.5% drop, which is the lowest point since April 2024, as many anticipated the impending 10% baseline tariff against 86 countries that began Saturday. Bessent also pointed out that Friday was a day that saw “record volume.”