Opinion | Trump Ignores the Ruinous History of Tariffs - The New York Times

"Overreliance on tariffs helped foment an era of economic shocks. The Panic of 1893, at the time the worst depression in American history, was set off by business and bank failures but aggravated by foreign creditors demanding payment in gold, which only encouraged the U.S. Treasury to push for even higher tariffs to curb imports..."

https://www.nytimes.com/2024/07/26/opinion/trump-tariffs-biden-ev.html