Before the mid-20th century, when American libertarians entangled themselves in conservative coalitions against the New Deal and Soviet Communism, "free market" thinkers largely saw themselves as liberals or radicals, not as conservatives. Libertarian writers, from Smith to Bastiat to Spencer, had little interest in tailoring their politics to conservative or "pro-business" measurements. They frequently identified capitalists, and their protectionist policies, as among the most dangerous enemies of free exchange and property rights. Charles W. Johnson
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During the time of the American Revolution, the first thing that was thought of as not being liberal or conservative was protectionism. This idea is still relevant even today as some people still think of it as bad. Protectionism has been seen as a natural right and those who believe in those rights will be against free markets.

Source: Markets Not Capitalism: Individualist Anarchism Against Bosses, Inequality, Corporate Power, And Structural Poverty

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