U.S. Treasury Secretary Scott Bessent warned Sunday that some of America’s trading partners could soon face a sharp hike in tariff rates, and dismissed Moody’s downgrade of the U.S. government’s credit rating.

Trump and his aides have repeatedly shifted their stance on tariffs in the weeks since the president’s “Liberation Day” announcement.

Treasury Department Secretary Scott Bessent on Sunday warned that tariffs on trading partners could go back to the rate slapped on them on “Liberation Day” last month if they