Tariffs have a history of igniting economic gloom. Economists believe they were the root of the Great Depression. After the 1929 crash, Congress passed something known as Smoot-Hawley (named after a couple of protectionist lawmakers), which raised tariffs on 20,000 imports and set off a wave of global protectionism.

After two years of economic and stock market forecasts proving too conservative, the stock market is selling off as analysts rerate their overly optimistic stance headed into 2025.