Amazon chief executive Andrew Jassy says “I’m guessing sellers will pass that cost on” as President Donald Trump raises the price to import good into the U.S.

He made the comments on CNBC as media stocks and jittery markets reversed Tuesday’s gains with a big drop. Indexes are all lower with the Dow Jones Industrial Average down 1,700 points. Media and tech stocks are a sea of red ink — with Amazon down 7%. Jeff Bezos, founder and executive chairman was prominently featured front-and-center at Trump’s inauguration in a row of tech titans, whose stocks have all been battered.

CEOs, investors and economists as well as GOP lawmakers, have increasingly been speaking out against tariffs amid fears of recession.

Asked if he thinks sellers will “fully” pass on the tariff impact to consumers, he said, “Yeah, I think they’ll try, and I understand why. I mean, depending on which country you’re in, you don’t have 50% extra margin that you can play with. So, I think they’ll try and pass the cost on.”

With stocks and bonds both tanking, and countries seeking to negotiate, Trump hit pause for 90 days on the latest and steepest round of import duties against most of the world. That sparked a major rally but it was short lived with ongoing uncertainty. There’s no reprieve for China. The White House clarified today that tariffs against the nation’s third largest trading partner have reached a monumental minimum of 145%. A spokeswoman for China’s Commerce Ministry said its “position is clear and consistent: the door to talks is open, but dialogue must be conducted on an equal basis with mutual respect … Pressuring, threatening, and blackmailing are not the correct ways to deal with China.”

China said it will decrease U.S. film imports amid the Trump tariffs.

Asked about products from China, Jassy said: “Every finished good that’s got any degree of complexity in it has parts from all over the world,” noting that the company is working to manage costs.

“Whenever you have any threat of any kind of discontinuity … you have to think about what are the things you can do to help customers. And so we’re doing everything we can to try and keep prices the way they’ve been for customers as low as possible … “We’ve done some strategic forward inventory buys to be able to get item … at lower prices. There are some cases where we have deals that … we’ll renegotiate terms to make it easier for customers to have lower prices. So we’re going to do everything we can to keep prices as low as possible,” he told CNBC’s Andrew Ross Sorkin.

He said Amazon is seeing “a little bit of people buying ahead [as tariffs escalate], but it’s hard to know if it’s just an anomaly in the data.”

“Companies are nervous right now … You don’t know, but the worry, of course, when you have things like tariffs is that it’ll create macro issues where, you know, it depresses demand or drives inflation. That’s a major concern for media as advertisers review budgets.

Generally, however, Jazzy said. “We haven’t seen meaningful impact yet from all the noise around the tariffs.”

Amazon talks to the Trump administration “all the time,” he added. about a broad number of issues … we share with them different things that we think matter to consumers, things that we would think matter to enterprises. You know, we have some conversations about tariffs as well. And we share what some of the concerns are and they’re aware of them.”

Market action today is seeing Warner Bros. Discovery dropping a hefty 16%. Disney shares are down 8%, Comcast is off by 6%, Netflix by 4%, Paramount by 3%. Roku and Snap are down 10% and 11%, respectively. Meta has ceded 8%, Apple 7% and Alphabet 6%.