WASHINGTON (Reuters) -- U.S. President Donald Trump on Thursday threatened to slap a 200% tariff on wine, cognac and other alcohol imports from Europe, opening a new front in a global trade war that has roiled financial markets and raised recession fears.
Stocks fell on the news, as investors worried that Trump would enact stiffer trade barriers around the world's largest consumer market. The S&P 500 finished the day more than 10% below its record high reached last month, confirming the benchmark index for U.S. stocks is in a correction.
