Top Trump administration officials are offering mixed messaging on the possibility of negotiating the president’s newly announced tariffs, framing the move as a necessary economic reset and downplaying severe market volatility and uncertainty.

Members of Trump’s Cabinet urged Americans not to panic as questions and criticism of tariffs from conservatives and liberals alike picked up steam.

US equity futures plunged, putting the S&P 500 on track for a bear market as the Trump administration dug in on a trade war economists warn will tip the world’s largest economy into recession.