President Donald Trump in recent days has dismissed fears of a recession and brushed aside the stock market sell-off, going so far as to say, “You can’t really watch the stock market.”

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.