President Trump is gave remarks from the Oval Office on Wednesday during a swearing-in ceremony for former Sen. David Perdue (R-Ga.), who will serve as U.S. ambassador to China.

His remarks came as economic turmoil mounts over how his sweeping tariffs could impact U.S. consumers. While Trump has largely changed his tune on how prices may be affected by the import taxes, the White House has signaled negotiations are underway with many foreign trading partners — potentially including China, which was hit with a 145 percent tariff. No deals have been announced thus far.

The president’s comments also came ahead of the latest interest rate announcement by Federal Reserve Chair Jerome Powell. Trump has pressured Powell to lower interest rates, but recession fears and the effect of his tariffs on the markets has led the Fed to keep rates steady.

Watch the video replay above.