Long-threatened tariffs from U.S. President Donald Trump have plunged the country into a trade war abroad — all while on-again, off-again new levies continue to escalate uncertainty

A 10% drop is a big enough deal that professional investors have a name for it — a “correction” — and the S&P 500’s 1.4% slide on Thursday sent the index to its first since 2023. The losses came after Trump upped the stakes in his trade war by threatening huge taxes on European wines and alcohol.