Global equities sank on Tuesday with the S&P 500 confirming it was in a correction while U.S. Treasury prices rose as investors fled for safer assets as they worried that global trade tensions would boost inflation and slow growth after U.

The U.S. stock market is drifting lower Thursday, even after getting a double-shot of encouraging news on the economy. President Donald Trump keeps upping the stakes in his trade war, with his most recent threat to tax European wines and spirits.