Treasury Secretary Scott Bessent, a former hedge fund manager, said he’s not worried about the recent downturn that’s wiped trillions of dollars from the equities market as the US seeks to reshape its economic policies.

“I’ve been in the investment business for 35 years, and I can tell you that corrections are healthy, they are normal,” Bessent said Sunday on NBC’s Meet The Press. “I‘m not worried about the markets. Over the long term, if we put good tax policy in place, deregulation and energy security, the markets will do great.”

The selloff that took the S&P 500 Index into a correction last week came amid investor concerns about the economic effects of the Trump administration’s moves around tariffs, immigration and cuts to the federal government. Losses in equity markets have deepened with mounting growth concerns and souring consumer sentiment. 

“We are putting the policies in place that will make the affordability crisis go down, inflation moderate and as we set the sails I am confident that the American people will come our way,” said Bessent, who ran Key Square Group before joining the administration.

As the scope of President Donald Trump’s tariff policy broadens, consumers across the political spectrum have become increasingly concerned that the extra duties will lead to higher costs. Global tariffs are now in place on steel and aluminum and there’s an April 2 deadline pending for even broader levies. 

Read More: Here’s a Running Tally of Trump’s Tariff Threats and Actions

While inflation cooled last month, any sustained pickup in price pressures risks causing households to limit discretionary purchases.

In the interview, Bessent said the American Dream isn’t contingent on being able to buy cheap goods from China. Families instead want to afford a home and see their children do better than they are. 

“It’s mortgages, it’s cars, it’s real wage gains,” he said.

As questions about the US economy build, Federal Reserve officials are due to meet this week. Fed Chair Jerome Powell emphasized earlier this month that the central bank doesn’t need to be in a hurry to cut rates but he will likely be pressed about the uncertainty and risks emerging.

This story was originally featured on Fortune.com

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• Beyond Meat recently flagged the risk that “anti-American sentiment” could hurt sales if it loses customers in other countries or faces other forms of retaliation that affect its sourcing and manufacturing. That’s as US tariffs trigger a global backlash against American products.

Beyond Meat, a producer of plant-based meat substitutes, recently warned that its status as a US company could hurt sales amid an international backlash against President Donald Trump’s tariffs.

The El Segundo, Calif.-based company filed a 10-K annual report with the SEC earlier this month that included a section on risk factors.

In regulatory filings, such sections are often a laundry list of a wide universe of potential headwinds, with some more likely than others. Beyond Meat’s flagged the possible risks associated with epidemics, natural disasters, severe weather, civil strife, war, terrorist activity and other geopolitical tensions.

It also mentioned Trump’s tariffs and plans for retaliation by US trade partners like Canada, saying the company may have to raise prices, increase inventory levels, or find new sourcing for products that it imports.

“There is no assurance that we would be able to pass on any cost increases, in full or at all, to our customers, and/or we could lose customers in countries such as Canada due to anti-American sentiment, any of which could materially affect our revenue, gross margin and results of operations,” Beyond Meat warned.

Any trade wars that feature “buy national” policies or other forms of retaliation against US tariffs could hurt the company’s supply chains, prices, demand, and macroeconomic markets, the filing added.

For example, Beyond Meat sources almost all of its pea protein from Canada and manufactures some of its products there.

“We cannot predict future trade policy and regulations in the United States and other countries, the terms of any renegotiated trade agreements or treaties, or tariffs and their impact on our business. A trade war could have a significant adverse effect on world trade and the world economy,” it said, noting that uncertainty on trade policy can also impact consumer confidence and spending.

The company didn’t immediately respond to a request for further comment.

To be sure, Beyond Meat’s sales had previously been in a slump before Trump returned to the White House as demand for meat substitutes waned more broadly.

But sales had recently started to turn around. Fourth-quarter revenue rose 4% to $76.7 million, marking the second consecutive quarter of annual growth, the company said last month.

Still, the backlash against US products is real, from alcohol to cutting-edge weapons. Canadians are pulling bottles of American liquor off shelves, and sales of Tesla cars are collapsing in Europe as CEO Elon Musk interjects himself in national elections and becomes more closely associated with Trump’s policies.

Even the F-35 stealth fighter is not immune. NATO allies Canada and Portugal are now having second thoughts about buying the fighter from the US and are taking a look at European alternatives.

This story was originally featured on Fortune.com

• German defense contractor Rheinmetall’s stock price has skyrocketed more than 1,000% since Russia invaded Ukraine in 2022. As the EU plans a €800 billion boost in defense spending, Rheinmetall expects growth to remain strong.

German defense contractor Rheinmetall sees unprecedented gains ahead as Europe embarks on a massive military buildup, even after reporting already-strong growth.

Headquartered in Düsseldorf, Germany, the company reported 2024 total revenue of €9.8 billion on Wednesday, up 36% from 2023. The defense business led the company’s sales growth last year, surging 50% to €7.6 billion. Additionally, the backlog increased 44% to €55 billion a new record high.

Last year’s growth was helped by Europe’s continued military aid for Ukraine. Since Russia invaded Ukraine in 2022, Rheinmetall’s stock price has climbed more than 1,000%.

Meanwhile, the European Union recently announced plans to increase its defense spending by €800 billion ($867 billion) as historic US allies seek to take more responsibility for their security.

“An era of rearmament has begun in Europe that will demand a lot from all of us,” CEO Armin Papperger said in a statement. “However, it also brings us at Rheinmetall growth prospects for the coming years that we have never experienced before.”

For this year, Rheinmetall expects total sales to increase 25%-30% and defense sales to climb 35%-40%. While those numbers would fall short of 2024’s, actual sales by the end of the year could turn out to be even bigger.

Rheinmetall noted in its report the outlook does not take into account “geopolitical developments in recent weeks,” saying updates to its forecasts could come later as requirements of its military customers become clearer.

“With a 50% sales growth in the defence business, Rheinmetall is on its way from being a European systems supplier to a global champion,” Papperger said. 

In recent years, the European leader in munition production invested nearly €8 billion in new manufacturing facilities, acquisitions, and supply-chain security. In January, Rheinmetall announced it acquired a majority share in a Bavarian software developer that specializes in digitizing warfare.

In addition to manufacturing missiles and bombs, Rheinmetall also makes tanks, air-defense systems, and autonomous ground vehicles. Most notably, it produces the Panther KF51 main battle tank. A major supplier to Ukraine, Rheinmetall has plants in the war-torn country along with Lithuania, Hungary, and Romania.

Additionally, the company looks to continue its growth in Germany and is reportedly interested in a Volkswagen plant in Osnabrük. 

On Wednesday, Papperger said the facility would be “very suitable” for the company’s expansion plans and would be more affordable than building a factory from the ground up. 

Papperger cautioned that while there was no concept for Rheinmetall to move onto Volkswagen’s turf, things could still move quickly.

“One thing is clear: before I’ll build a new tank factory in Germany, we’ll of course take a look at it,” he said.

This story was originally featured on Fortune.com