S&P 500 confirms correction from February high as tariffs weigh

March 13 - The S&P 500 .SPX dipped 1.4% on Thursday, leaving it down 10.1% from its record high close on February 19 and confirming the widely followed benchmark is in a correction as an escalating tariff war between the U.S. and its top trade partners fuels concerns about a recession.

Wall Street's latest decline came after U.S. President Donald Trump said he would levy a 200% duty on European wine and cognac imports unless the EU removes surcharges on U.S. whiskey. He had previously threatened to penalize the bloc if it imposed retaliatory tariffs on American goods next month.