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S&P 500 Enters Correction as Trump Threatens New EU Tariffs

Wall Street turmoil deepens with escalating trade tensions, while Asian markets rebound on hopes of U.S. shutdown resolution.

The German stock index DAX is pictured at the stock market in Frankfurt, Germany, Thursday, March 13, 2025. (AP Photo/Michael Probst)
A man takes a photo next to an electronic stock quotation board inside a building in Tokyo, Japan August 2, 2024. REUTERS/Issei Kato/File Photo
Image
The floor of the Frankfurt stock exchange is cleaned as the German share price index DAX graph is displayed on a large screen in Frankfurt, Germany, March 13, 2025. REUTERS/Staff/File Photo

Overview

  • The S&P 500 has fallen over 10% from its recent peak, officially entering correction territory alongside the Nasdaq Composite.
  • President Donald Trump has announced plans for a 200% tariff on European alcohol in retaliation for EU tariffs on U.S. whiskey and other goods.
  • Asian markets saw gains on Friday, buoyed by optimism that U.S. lawmakers will pass a bill to avert a government shutdown.
  • Gold prices surged to a record high of $2,990.21 per ounce as investors sought safe-haven assets amid global trade uncertainties.
  • Economic data showed U.S. wholesale inflation remained flat in February, but recession fears persist due to trade policies and market volatility.