The S&P 500, a key US stock market index, closed in correction territory on Thursday as the volatility of Donald Trump’s trade wars rattled investors.
The index closed more than 10% down from its 19 February peak as Wall Street approaches the end of a second week of pressure.
The technology-focused Nasdaq Composite also closed in correction last Thursday, while the Dow is over 9% down from its peak in December.
On Thursday, after Canadian and EU leaders hit back on American tariffs on steel and aluminum imports, the US president threatened a new 200% tariff on European alcohol, in response to a 50% EU tariff on American bourbon imports.
“This will be great for the Wine and Champagne businesses in the US,” Trump wrote on Truth Social.
It was the latest in the back-and-forth between the US and its key trading partners after a 25% US tariff on all steel and aluminum imports went into effect Wednesday. In response, Canada and the EU have put tariffs on American exports worth a total of over $40bn goods.
President Donald Trump signed an memorandum on Thursday instructing his administration to pursue reciprocal tariffs against...
On Friday, Americans across the country are participating in an economic boycott for 24 hours.
Organized by...
Donald Trump has said he will announce new 25% tariffs on all steel and aluminum imports...
