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• Trump Tariffs

• U.S. Stocks

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Trump Tariffs

President Trump announced plans for a 200% tariff on alcohol from France and other European nations, escalating trade tensions after the EU reinstated a 50% levy on U.S. whiskey. The EU’s move was a response to Trump’s tariffs on steel and aluminum, with the new duties set to take effect in April. Trump called the EU’s trade policies hostile and unfair, vowing retaliation if the whiskey tax is not removed. Commerce Secretary Howard Lutnick said Trump was frustrated by the EU’s actions and that the U.S. will introduce more reciprocal tariffs next month. The announcement hit European liquor stocks, with LVMH, Remy Cointreau, and Pernod Ricard all declining, while U.S. alcohol stocks, including Brown-Forman (Jack Daniel’s parent), also fell despite a slight Thursday rebound.

U.S. Stocks

U.S. stocks fell further on Thursday, extending a three-week market selloff as investors grappled with new tariff threats from President Trump. The S&P 500 dropped 1.39% to 5,521.52, entering correction territory, down 10.1% from its record high. The Dow fell 537 points (1.3%) to 40,813.57, marking its fourth straight day of declines, while the Nasdaq shed 1.96%, weighed down by Tesla and Apple losses. Trump’s announcement of a 200% tariff on European alcohol and reaffirmation of wider tariffs set for April 2 have deepened market uncertainty, dragging the Nasdaq 14% below its peak and pushing the Russell 2000 near a bear market (down 19%). Despite softer-than-expected inflation data, concerns over Trump’s trade policies continue to weigh on sentiment. Treasury Secretary Scott Bessent downplayed the market volatility, emphasizing the administration’s focus on long-term economic health. Analysts remain cautious, noting that while inflation trends are improving, the ongoing trade war and policy uncertainty could keep investors on edge and influence future Federal Reserve decisions.

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