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.

The major indexes suffered another week of sharp losses as Trump tariffs ramped up, shrugging off tame inflation.

Investors shouldn’t take much comfort from how the markets performed during the first Trump administration’s trade war.