Wall Street faced significant losses as President Trump's trade war intensified, causing the S&P 500 to drop more than 10% from its recent record. This marked the first correction since 2023, with the index declining by 1.4%. Trump's threats of steep tariffs on European wines and a retaliatory response from the EU contributed to a turbulent market. Investors are worried about how these tariffs will impact the economy, as reports indicate that U.S. households and businesses are losing confidence amid the uncertainty surrounding these trade policies.
The S&P 500's 1.4% slide on Thursday sent the index to its first correction since 2023, following President Trump's escalation in the trade war.
U.S. households and businesses have already reported drops in confidence due to uncertainty surrounding Trump's tariffs, raising fears of a spending pullback.
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