How is this different than COVID and would the fed stepping in skyrocket the stock market like last time?

Id like some real analysis on why or why not. Many surface level similarities, but definitely some differences.

COVID: Clogged shipping ports created higher prices during, but probably tariffs are worse to prices, although I've seen analysis that say a 20% tariff is not a direct increase of 20% to the price.

COVID: Lockdowns majorly impacted non-online activities, while tariffs will do this more broadly now.

COVID: No knowledge when this would end, same with tariffs.

Tariffs: Really may have eroded some trust with our allies and trade partners which didn't seem to happen in COVID, although to what degree, we don't know yet.

So if the FED steps in lowers interest rates to close to zero again, why won't this inflate the stock market as it did before with higher income earners pumping excess money into the market?