David Breuhan writes at Barron’s that President Trump could learn lessons about tariffs from fellows named Smoot and Hawley.

Stock markets don’t react well to tariffs, which lift costs, result in shortages, and hurt corporate profits. History suggests that the market won’t top its January record until the trade spat is fully resolved.

There is a primary lesson here for nations: Impose tariffs on others, and they will do the same to you.

Following the passage of the Smoot-Hawley Tariff in June 1930, the U.S. raised tariffs to an average of 59% on more than 25,000 imports. Our trading partners retaliated. Spain increased tariffs by 150% on American autos. France restricted the import of more than 3,000 goods, via quotas. Britain passed the Import Duties Act of 1932, its first major tariff legislation in 100 years.

Part II of this act raised tariffs 100%. Italy and Switzerland both boosted tariffs. By 1935, 34 nations had imposed exchange controls limiting their citizens’ ability to obtain foreign currency for travel or trade. Globally, exchange controls of this magnitude hadn’t been imposed in nearly 400 years.

Trump’s desire to negotiate through force will be met with equal or greater force. The post–World War II trading order has been established over decades through numerous rounds of talks with many nations. The new protectionist action threatens the foundation on which the General Agreement on Tariffs and Trade was established.