US stocks open lower after Trump threatened a 200% tax on European liquor if the EU tax on US whiskey isn't removed.

Willamette Valley Vineyards founder Jim Bernau said uncertainty caused by Trump’s tariffs is making consumers spend less and has destabilized the U.S. wine industry.

Key Takeaways The S&P 500 is off to its worst start for a presidential term since 2009, when Barack Obama entered the White House in the midst of the global financial crisis.Traditionally defensive sectors have outperformed since Trump's inauguration amid growing concern that tariffs could usher in a period of stagflation.