Currently the market has fallen on what it believes will be an issue in the future.
There is nothing currently physically wrong with the world that merits mass sell offs e.g. a war or a environmental disaster or a housing crisis. The point being the current climate is reversible.
And while it's easy to just go with the flow, throw your hands in the air and say the end is here we have to consider all possibilities including tariffs will work.
Every country is loving the attention from publicly stating they will retaliate against Trump but behind closed doors every country is also working 24/7 to create a deal with means they can avoid tariffs.
What if...
The EU and the USA come to an agreement? What if China and the USA create a deal?
Just as quickly as tariffs have been implemented they can also be reversed.
And what really is the worst case here? 3 years of economic turmoil that ends with the democrats winning and reverses everything. People whine that trust in the USA will be lost by then, but people only invest in the USA because it's an economic power house not because they think the US is nice...
The USA will continue to out perform the EU so it will continue to be the best place in the west to invest.
And final point, for people that invest for 5-20 years. Do you really see this as detrimental as the 08 crash?