Treasury Secretary Scott Bessent stated on Sunday that over 50 nations have reached out to the Trump administration with proposals to lower “non-tariff trade barriers,” reduce tariffs, and cease “currency manipulation” on their part.

“Over 50 countries have approached the administration about diminishing their non-tariff trade barriers, reducing their tariffs, and stopping currency manipulation,” Bessent mentioned on NBC’s “Meet the Press” while speaking with moderator Kristen Welker.

“And … they’ve been bad actors for a long time. And it’s not the kind of thing you can negotiate away, be it in days or weeks,” he added.

On Thursday, markets took a significant hit after President Trump revealed a 10 percent tariff on goods imported into the U.S., along with additional tariffs targeting several U.S. trading partners. This announcement led to continued economic turmoil the next day, as the Dow Jones Industrial Average plummeted by 2,200 points, and the S&P 500 fell by 10 percent over Thursday and Friday combined.

In his “Meet the Press” appearance Sunday, Bessent referred to Trump’s tariffs as a “one-time price adjustment,” stressing a distinction from continuous price increases due to inflation.

“Have you expressed any concerns to President Trump directly that his tariff policy could be inflationary?” Welker asked Bessent on Sunday.

“No, what I have said are tariffs are a one-time price adjustment,” Bessent responded.

“So, there’s a big difference between insipid, endemic inflation within the system and consistent price level increases and a one-time adjustment,” he added.

Trump also said Saturday that the tariffs will result in an “economic revolution.”

“We have been the dumb and helpless ‘whipping post,’ but not any longer,” the president said on Truth Social. “We are bringing back jobs and businesses like never before. Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast!”

National Economic Council Director Kevin Hassett defended the president’s tariffs on Sunday, saying he didn’t think there will be a “big effect on the consumer in the U.S.”