NEW YORK (AP) — The U.S. stock market is drifting lower Thursday, even after getting a double-shot of encouraging news on the economy. President Donald Trump keeps upping the stakes in his trade war, with his most recent threat to tax European wines and spirits.

The president defended his policies as he met the CEOs of America's biggest companies, including many whose market value has dipped in recent days.

Not even a double-shot of good news on the U.S. economy seems to be enough to stop Wall Street’s bleeding. Stocks fell Thursday after President Donald Trump upped the stakes in his trade war by threatening huge taxes on European wines and alcohol.

Treasury Secretary Scott Bessent said market volatility doesn't matter much as the Trump administration focuses on long-term economic success.

Treasury Secretary Scott Bessent on Thursday played down the recent weakness in the stock market, saying the White House was focused on the long term. “I’m not concerned about a little bit of volatility over three weeks,