Another sharp sell-off in stocks and bonds greeted President Trump’s latest round of protectionist measures as fears of a U.S. recession grow.

A big hit to portfolios would be felt acutely by higher-income Americans, whose spending has recently been the biggest driver of the economy.

© Ashley Gilbertson for The New York Times

Wall Street mistook demagoguery for wisdom.

Wall Street mistook demagogy for wisdom.

© Mark Peterson for The New York Times

A bear market occurs when stocks fall 20 percent from a recent peak. As global markets continue their meltdown, here’s what it means for your money and the economy.

© Daniel Roland/Agence France-Presse — Getty Images

The president offers many reasons for imposing tariffs, including revenue, leverage over competitors and job creation. But history suggests a more complex history.

The S&P skidded 2.7 percent, amid investor fears that tit-for-tat tariffs could raise prices, slow the economy and sow uncertainty among businesses.

The president still believes that his protectionist trade policies will be “great for us” in the long run, but won’t rule out short-term economic pain.

President Trump said that Americans would be better off in the long run from his tariffs, which he said would prevent the country from being “ripped off.”

In his address to Congress, the president made clear that his new trade levies were here to stay, acknowledging it might create “a little disturbance.” Analysts forecast what that might look like.