NEW YORK: Wall Street ended sharply lower on Thursday and the S&P 500 confirmed it is in a correction after cool inflation data was overshadowed by fears that the escalating tariff war being waged by the United States against some of its biggest trading partners could reignite inflation and tip the economy into recession.
In the latest episode of Trump's multi-front trade war, the European Union responded to blanket US tariffs on steel and aluminium by imposing a 50% tax on American whiskey exports, prompting the president to threaten on Truth Social to charge a 200% tariff on imports of European wines and spirits.
