'Making Money' host Charles Payne analyzes the market's reaction to evolving tariff news.

For decades, the use of tariffs was considered a smart economic move to protect American entrepreneurship and markets for domestic producers.

They were in place as America surpassed Great Britain in the late 1800s and early 1900s as the preeminent nation and economy in the world.

They were in place during the Roaring Twenties — first by the Emergency Tariff Act of 1920 and then the Fordney-McCumber Act of 1931.

LEGENDARY ECONOMIST SAYS TRUMP'S TARIFFS COULD REPLAY 'DEVASTATING HISTORY'

So why are they frowned upon now, especially by conservative economists?

Five words: The Smoot-Hawley Tariffs Act.

The tariffs applied from Smoot-Hawley are........

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