Second, the U.S. stock market recovered remarkably quickly from the tariffs imposed during the first Trump administration. Specifically, while the S&P 500 declined 19.8% over a three-month period between September and December 2018, the index had already recouped its losses and reached a new high by May 2019.

CNBC host Jim Cramer said Tuesday that the falling stock market is a “screaming” warning to Donald Trump to change course when it comes to his tariffs. After explaining the recent decline in consumer confidence,