White House National Economic Council Director Kevin Hassett defended President Donald Trump’s tariffs on Sunday, refuting the idea they will cost American consumers more.

“So the fact is, the countries are angry and retaliating — and, by the way, coming to the table. I got a report from the [U.S. Trade Representative] last night that more than 50 countries have reached out to the president to begin a negotiation, but they’re doing that because they understand that they bear a lot of the tariff. And so I don’t think that you’re going to see a big effect on the consumer in the U.S., because I do think that the reason why we have a persistent long-run trade deficit is these people have very inelastic supply,” Hassett told ABC News’ George Stephanopoulos on “This Week.”

Trump announced on Wednesday tariffs on nearly all of the U.S.’s trading partners. Trump’s policy includes a 10% tariff on all imports, as well larger tariffs on some individual countries. The tariffs announcement was met with an immediate and ongoing stock market plunge, as well as various countries levying retaliatory tariffs. Democratic lawmakers and critics of Trump’s economic policy raised alarm bells about a potential recession and adverse effects on the U.S.’s relationship with allies.

The universal 10% tariffs went into effect on Saturday, while tariffs on individual countries are set to go into effect on Wednesday.

This is a developing story. Please check back for updates.