NEW YORK (AP) — 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.

Wall Street resumed its slide on Thursday as cool inflation data was overshadowed by fears that the escalating, hydra-headed tariff war being waged by the United States against its biggest trading partner could reignite inflation and tip the economy into recession.

The S&P 500 is on the cusp of closing in a correction, or a 10% drop from its February high. Constantly moving goal posts on tariffs and trade have rattled investors.