Secretary of State Marco Rubio refuted the idea that economies are crashing due to President Donald Trump’s tariffs on U.S. trade partners.

Appearing at NATO headquarters in Brussels, Belgium, Rubio was asked how the U.S. can expect allies to spend more on defense when “their economies are crashing,” according to one reporter.

“Their economies are not crashing,” Rubio told reporters. “Their markets are reacting to a dramatic change in the global order in terms of trade. And so what happens is pretty straight forward. If you’re a company, and you make a bunch of your products in China, and all of a sudden shareholders or people that play the stock market realize that it’s going to cost a lot more to produce in China, your stock is going to go down.

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