March 2025 will go down in history as the month the U.S. economy decided to take a nosedive off a financial cliff—with a little push from President Donald Trump’s tariff tantrum. Stock market collapse March 2025.

Second, the U.S. stock market recovered remarkably quickly from the tariffs imposed during the first Trump administration. Specifically, while the S&P 500 declined 19.8% over a three-month period between September and December 2018, the index had already recouped its losses and reached a new high by May 2019.