Widely followed strategist Ed Yardeni, one of the biggest bulls on Wall Street, lowered his market forecast, saying President Donald Trump’s tariffs raise the risk of stagflation.

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 si

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.