Mr Trump’s tariffs wars are continuing with him taking aim at the European Union. He has now threatened 200 per cent tariffs on EU alcohol in reaction to what he has called a “nasty 50 per cent tariff” on American whisky. That was European retaliation for Mr Trump’s 25 per cent tariff on steel and aluminium.

A 10% drop is a big enough deal that professional investors have a name for it — a “correction” — and the S&P 500’s 1.4% slide on Thursday sent the index to its first since 2023. The losses came after Trump upped the stakes in his trade war by threatening huge taxes on European wines and alcohol.