So, Trade War is On. When to Panic?

To preface, I've been investing with the uneasiness that US equities are quite overvalued by all historical measures, so even though I'm fully invested, I know that there might come a time where I might feel like hitting the "get me out of all positions" at once.

To get a feel of how deep we can go down, AAPL was at 15 times earning when Buffett started accumulating it 7 years ago.

As I am writing this, Canada just issued its own tariff as retaliation to Trump's.

My reading of Smoot-Hawley Act, and the history before and after its passage, just does not bode well. Countries just don't like to back down in trade war until real pain has fallen on their populace.

Post Smoot-Hawley, industrial output and workers' wages of the US went up initially as producers try to move production inside the country. But then import and export collapsed because GDP of the US and its trading partners deeply contracted.

Smoot-Hawley is widely believed to worsen the Great Depression.

Is this the time to hit the eject button?