The International Monetary Fund expects slower growth and higher inflation in the U.S. as a result of President Trump’s trade policies.

Treasury Secretary Scott Bessent argued in a speech that the multilateral economic institutions have veered away from their missions.

As of August, the president’s investment portfolio showed significantly more in bonds than in stocks. It is unclear if his personal holdings had any bearing on his decisions regarding tariffs.

“You have to laugh to keep from crying,” one Republican pollster said about recent comments by the billionaires on the stock market, retirement funds and Social Security.

Retail executives huddled with the president amid fears that tariffs could result in higher prices.