On Thursday, the S&P 500 fell 1.4%. After weeks of selling, the index is now down 10.1% from a peak that was reached less than one month ago and is in a correction.

Wall Street’s sell-off hit a new low Thursday after President Donald Trump’s escalating trade war dragged the S&P 500 more than 10% below its record, which was set just last month. 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.

President Donald Trump openly challenged U.S. allies on Wednesday by increasing tariffs on all steel and aluminum imports to 25% as he vowed to take back wealth “stolen” by other countries, drawing quick retaliation from Europe and Canada.

The Trump administration on Wednesday will effectively plaster 25% taxes – tariffs – on all steel and aluminum imports. The president said on Tuesday that the U.S. would double the forthcoming levy on the two metals to 50% if they come from Canada — but pulled back on the threat by the afternoon after the province of Ontario suspended its plans for retaliatory tariffs.