Sure, when the arbitrary tarriff formula was announced for every nation, the stock markets were down thousands, and the bond market was fluctuating. Then you had the short term trade war with China were both countries set tarrifs so high no imports/exports between the two happened for a month, and there was a concern about empty shelves in major department stores.

But as one Wall Street executive put it, "Trump also chickens out", so Wall Street learned he would backdown on any tariffs that had too much negative economic impact.