Included on the new letter are 14 Nobel laureates and economists from across the political spectrum, including former chairs of the Council of Economic Advisers under Presidents Barack Obama, George W. Bush, and Bill Clinton.

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The letter also quotes the warnings from the 1930 letter, which warns that tariffs raise prices on consumers, damage industries that rely on trade director or indirectly, hurt the fortunes of American farmers, and lead to retaliatory measures from other countries.

The 1930 letter also painted the tariffs as a threat to national security.

“Finally, we would urge our Government to consider the bitterness which a policy of higher tariffs would inevitably inject into our international relations,” the 80-year-old letter read. “A tariff war does not furnish good soil for the growth of world peace.”

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Could this be next for stocks?