Wall Street stocks sank and gold hit a fresh record high on Thursday as Donald Trump’s tariffs and investor doubts about a potential ceasefire between Russia and Ukraine weighed on risky assets. The blue-chip S&P 500 fell 1.

The U.S. stock market is falling 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 wines and other alcohol coming from Europe.

President Trump during his recent campaign proposed eliminating taxes on Social Security benefits. "Seniors should not pay taxes on Social Security," he wrote on his social media platform in July. Trump then reiterated the point during a Fox & Friends interview in August.

President Donald Trump is threatening a 200% tariff on European wine, Champagne and spirits if the European Union goes forward with a planned tariff on American whiskey