On Thursday, for the first time, the benchmark S&P 500 finished more than 10% below its most recent record high close, achieved on February 19. In the latest in a long list of tariff threats, Trump said he would hit European beverage imports with duties of 200% if the EU does not remove U.

But uncertainty around Trump's tariff policy continues to grip Wall Street, and his trade war has only intensified this week. The president has vowed to respond to tariffs planned by the EU and Canada in response to US duties on steel and aluminum imports — most notably leading off Thursday by threatening a 200% tariff on imports of EU wines and spirits.