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

The president’s “message is that the U.S. doesn’t care what Europeans think about how the war should be resolved,” the board said, noting how America’s European allies will not have a role in the negotiations over the future of Ukraine with Russia. Saudi Arabia will host talks between top U.S. and Russian officials on Tuesday.