big story

Major stock indexes closed on Thursday 10% It reached record highs in February and hit the notorious threshold on Wall Street.

©AP

The S&P was closed at a loss of 1.4% and fell above 5,521.52.

That level is about 10% lower than the latest index of the key index Records a high of 6,144.15It was set for February 19th.

Thursday marked yet another day of sudden losses for the stock market in concerns about the potential impact of the economy's condition. President Trump's Trade Agenda.

After a brief grace from a better-than-expected inflation report on Wednesday, the market continued to sell out after Trump and the European Union traded new tariffs and threats.

• Trump threatened to put it early on Thursday 200% tariff Regarding wine, champagne and other alcoholic beverages if the EU does not revoke new import taxes on US whiskey.
• Trump's 25% tariff Steel and aluminum It came into effect on Wednesday, leading the EU to retaliate with a two-stage plan.
• The EU is set to allow expiry duties on US goods. Trade war with TrumpI'll return on April 1st. The EU also plans to impose new tariffs on US goods by mid-April.

Trump's escalation of trade wars with Europe, Canada and Mexico has shaken similar confidence among business leaders and consumers, and has strengthened pressure on the president and his party.

Read the full report at thehill.com.

Welcome to the hill Business and Economy NewsletterI'm Sylvan Lane. It covers the intersection of Wall Street and Pennsylvania Avenue.

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A real reading

Major business and economic news with more impacts than this week:

Schumer says he will vote to advance the GOP spending bill and reduce the threat of closure

Congress has been poised to force a $1 billion cut to the local DC budget.

Almost half of Americans say their economy is getting worse: polls

Canada file complaints against US steel and aluminum tariffs

Tax Watch

Senate Finance Committee meets with the White House on tax cuts

Welcome to Tax Watcha new feature focused on the fight for tax reform and pushes to extend Trump's tax cuts in 2017.

Senate Finance Committee Chairman Mike Krapo (R-Idaho) promoted the importance of making Trump's tax cuts permanent on Tuesday ahead of a meeting between committee members and the White House.

“Permanence is our number one priority,” he said at an event Wednesday that he later wrote on social media about the “importance of competitive, permanent tax policies.”

The White House talks still have a lot of sunlight when the House and Senate Republicans extend 2017. Tax reductions and employment law (TCJA). Keeping the points includes cutting US food aid and healthcare programs, and how much money Republicans add to the deficit.

“The most detrimental way to fund TCJA extensions is to cut spending on programs like Snap and Medicaid,” wrote Josh Bivens, chief economist at the Institute of Economic Policy, a left-wing Washington think tank, in a February analysis.

– Tobias Burns

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