In recent weeks, Trump has announced punishing tariffs against allies and adversaries alike, selectively paused and imposed them, doubled and then halved some, and warned late in the week that he’ll tax European wine and spirits a stratospheric 200% if the European Union doesn’t drop a 50% tariff on U.S. whiskey.

A gobsmacked planet is wondering what's next from President Donald Trump on the tariff spree he's set in zigzag motion.

U.S. President Donald Trump has made numerous tariff threats since returning to office on January 20, ranging from a universal duty on imports to targeted tariffs on specific sectors or countries, in a bid to get others to meet his policy demands.

Tariffs have historically triggered market volatility. When the Trump administration announced tariffs on China, markets dropped sharply before making a near-total recovery that same day. Investors should focus on long-term goals and consult their financial advisors before making portfolio changes.

The Dow Jones and S&P 500 tumbled on Thursday, deepening losses suffered since the outbreak of a trade war set off by President Donald Trump's tariffs.