Just after the US election, when Wall Street was all-in on the prospects of a business-friendly President Donald Trump, Peter Berezin was sounding the alarm.

Berezin and his team at the research shop BCA predicted that broad-based unilateral tariffs were coming — and that the new administration’s proposals would go well beyond what had been implemented in Trump’s first term. After this week’s tariff drama, Berezin’s December call has proved prescient. And if he’s also right about what’s next, then US stocks are nowhere near a bottom.