US Treasury Secretary Scott Bessent on Sunday struck a defiant tone in the face of global financial markets selling off sharply in response to new US tariffs, arguing the duties were necessary and rejecting the idea that they would cause a US recession.

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.

President Donald Trump's harsher-than-expected global tariffs sent economists scrambling to revise their economic estimates. They project the U.S. economy faces higher inflation, slower growth, and greater recession risks.

President Donald Trump’s top economic advisers brushed off recession fears Sunday and said dozens of countries are looking to negotiate for better deals, after stocks tumbled last week following the announcement of stiff tariffs against nearly all of America’s trading partners.

As grocery prices go up, as do the chances of a recession, planning for the future may include stocking your pantry, and knowing how to organize it.

With the threat of a recession due to new import tariffs, Americans are urged to prepare financially. Here's how you can prepare for potential economic turbulence.