United States National Economic Council Director Kevin Hassett told ABC's "This Week" on Sunday that more than 50 countries reached out to the White House in order to begin negotiations on tariffs.

"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," he commented.

Hassett mentioned that while the US' trading partners are "angry and retaliating," they are still "coming to the table" to discuss the new trade policies.