In the early days of the Great Depression, Rep. Willis Hawley, a Republican from Oregon, and Utah Republican Sen.

Stock indexes have been posting records recently -- but not the kind of records investors like. The S&P 500 on Friday delivered its worst performance since the start of the pandemic back in 2020. And both the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq (NASDAQINDEX: ^IXIC) on March 31 completed their worst quarter since 2022.

An era of free trade ends, as President Donald Trump slaps tariffs on imported goods. What does the varied history of trade policy suggest we should expect?