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Dow Slides, S&P Closes in Correction Amid Escalating Trade War Under Trump

The S&P 500 saw a decline of over 10 percent from its recent peak, marking its first correction since 2023. President Donald Trump warned of potentially imposing 200 percent tariffs on European wines in retaliation to European tariffs on American whiskey. The Dow Jones Industrial Average dropped by 1.3 percent, while the Nasdaq composite fell by 2 percent during the market downturn. Uncertainty surrounding tariffs, coupled with frequent announcements from Trump, is contributing to decreased confidence among American businesses and households.