The Dow Jones Industrial Average and the S&P 500 are on track for 2025 lows as of 1:15 p.m. EDT Thursday afternoon, falling over 520 points (1.3%) and 70 points (1.2%), respectively.

The tech-heavy Nasdaq Composite slid over 320 points (or just over 2%) as of early Thursday afternoon, also on track to mark its lowest point so far this year.

The S&P 500 is nearing its first 10% correction since 2023, sliding 9.6% from its price one month ago, when it reached an all-time high.

The losses continue a larger market selloff that began last week, bringing the Dow and S&P 500 to their lowest intraday prices since September.

The slump follows Trump’s 25% tariff on all steel and aluminum imports that were met with tens of billions of dollars worth of retaliatory tariffs from the European Union and Canada.

In response to retaliatory trading measures from the U.S. allies, Trump ratcheted up threats for more counter-tariffs against the EU and Canada, threatening Thursday to introduce a 200% tariff on wines, champagne and other alcohol products imported to the U.S. from European countries.