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.

The losses followed Trump's threat to impose hefty tariffs on European wines and alcohol, further escalating trade tensions.

US stocks slid Thursday and the S&P 500 closed in correction, down more than 10% from its record high in February, as President Donald Trump threatened new tariffs on the European Union.

The benchmark S&P 500 closed down 10% from its February peak. The whirlwind of tariff announcements in recent weeks have hammered investor confidence.

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 si