<h1>US Trade War Escalation Wipes Out S&P 500 Gains Since Election, Retailers Warn of Profit Pressures</h1> Stocks on Wall Street fell sharply as the US escalated a trade war with key partners, erasing all S&P 500 gains since the last presidential election. The S&P 500 dropped 1.4%, while the Dow Jones and Nasdaq fell 1.3% and 1.4%, respectively. The decline follows new tariffs by the US on imports from China, Canada, and Mexico, prompting retaliatory measures. China imposed tariffs on US farm products, while Canada and Mexico announced tariffs on American goods. Retailers like Target and Best Buy warned of profit pressures due to the tariffs, with Best Buy's stock plummeting 13.9%.