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.

Worsening relations with three of the United States’ biggest trading partners dominated a Senate hearing for the would-be U.S. ambassadors to Canada, Mexico and Japan.

A 10% drop is a big enough deal that professional investors have a name for it — a “correction” — and the S&P 500’s slide on Thursday sent the index to its first since 2023.

Wall Street’s sell-off hit a new low Thursday after President Donald Trump’s escalating trade war dragged the S&P 500 more than 10% below its record, which was set just last month. 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.

The cost of beer is expected to rise due to the U.S. trade war with Canada, which exports aluminum widely used to make beer cans at American breweries. (N. Scott Trimble | [email protected]) N. Scott Trimble | [email protected]

President Trump said he would impose a 200% tariff on U.S. imports of wine, champagnes and other alcoholic beverages from the bloc.

President Donald Trump escalated his trade war Tuesday, announcing on Truth Social that he will double the tariffs on steel and aluminum coming from Canada from 25% to 50% in retaliation for new trade restrictions put in place by the province of Ontario this week.

American trading partners responded swiftly to President Trump’s latest round of levies with countermeasures, creating more uncertainty for C.E.O.s.

European wine, Kentucky bourbon, French Champagne, and other alcoholic beverages could be subject to tariffs if EU and US tariffs materialize.

Janet Mui, RBC Brewin Dolphin head of market analysis, says software is more insulated from a trade war, but not from US macro economic pressure. She joins Caroline Hyde and Jackie Davalos on "". (Sou