The S&P 500 fell 1.4% on Thursday, marking its lowest point of the year and sliding into a market correction, as it is now down 10.1% from the all-time high it reached less than a month ago. The Dow Jones Industrial Average also hit a year-to-date low, closing down 537 points.

Donald Trump is escalating his global trade war, issuing increasingly wild threats as targets from China to Canada and Europe retaliate with tariffs of their own rather than retreat. In the meantime, the resulting chaos has driven the S&P 500 into a correction.

US stocks open lower after Trump threatened a 200% tax on European liquor if the EU tax on US whiskey isn't removed.