NEW YORK (AP) — 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.

The United States’ stock market has taken another tumble following US President Donald Trump’s threat to impose steep tariffs on wine and other alcoholic products from the European Union. The benchmark S&P 500 fell 1.39 percent on Thursday, dragging the index into a correction – Wall Street lingo for a decline of 10 percent or more from the peak.