Because it’s not? The tariffs which are currently in effect or soon to go into effect are so far out of line with anything in modern history that there is no comparison.
The reason everyone is panicking is because people expected more of the same as 8 years ago but instead we got something massively worse, without a hint of cohesive strategy, and that has gone into effect rapidly and on the whims of one person who can’t even appear to get on the same page as his advisors.
Everyone knows there’s some element of bluffing going on, but that’s also the problem; This administration knows their bluffs would be transparent this time so they decided to go extra big to make a point. This becomes a problem for all of the people and companies whose business was suddenly upended by out of control tariffs with little time to prepare (compared to the smaller tariffs everyone was preparing for)
They’re banking on the damage either not being directly noticed by their voter base, or being able to convince their voter base that the damage is actually a good thing. I’m already seeing people applaud these actions as if they were narrowly targeted at cheap Chinese goods on Amazon or fast fashion, without realizing how much of the inputs to our economy go through one of the countries with tariffs ranging from 25-145%.
Some people are determined to adopt contrarian positions and act like they’re above it all, but the people who have to deal with the consequences of this stuff (myself included) are taking a lot of damage from these supposedly no big deal negotiations. It’s not being handled well. Even if they were to disappear tomorrow, a lot of damage has been done and they’re hoping people like you will find a way to rationalize it away as not a big deal