Stocks drop after Trump’s latest tariff threat. See the numbers.

U.S. stocks closed sharply lower Jan. 20, with the broad S&P 500 index posting its worst day in three months, as investors worried about President Donald Trump‘s tariff threats in his efforts to take over Greenland.

Trump said on Jan. 17 he would impose additional 10% import tariffs on Feb. 1 that will rise to 25% on June 1 on goods from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland and Great Britain − all already subject to U.S. tariffs and opponents to his plan to acquire Greenland.

Separately, Trump threatened to impose 200% tariffs on French wines amid reports that the country’s president, Emmanuel Macron, is unwilling to join his Board of Peace to oversee Gaza.

The S&P 500 closed down 2.06%, or 143.15 points, at 6,796.86, while the tech-heavy Nasdaq shed 2.39%, or 561.065 points, to 22,954.322. The blue-chip Dow ended down 176%, or 870.74 points, at 48,488.59.

Chris Turner, global head of markets at Dutch bank ING, said “it is probably a little too early to be dusting off the ‘Sell America’ theme, where Washington’s pursuit of Greenland, like the near-50% Liberation Day tariffs last April, is seen as a spectacular own-goal.”

The dollar and U.S. treasuries also fell as investors fled out of U.S. assets, but gold rose to a record above $4,700 per ounce as a safe haven. Since Treasury prices move in the opposite direction of yields, the drop in Treasury prices meant a jump in yields.

The benchmark 10-year Treasury yield spiked to 4.293%, but “it’s not really a problem until 4.50% and higher,” said Tom Essaye, founder of the Sevens Report on the markets. “If yields keep rising, that will become an increasing headwind on markets and the economy.”

To catch Trump’s attention, “the US government bond market, in particular, might have to come under a lot more pressure, like it did after ‘Liberation Day,’ to prompt the president to back down,” said John Higgins, chief markets economist at research firm Capital Economics.

Despite the bout of volatility, economists expect the U.S. economy to remain resilient.

“The Goldilocks economic data continued last week, and that has been an important foundational positive and somewhat calming influence on markets amidst the recent headline chaos,” Essaye said. “As long as economic data stays this Goldilocks, the chances of a protracted decline in stocks will remain low.”

On Jan. 22, the government will release more inflation data − the personal consumption expenditures price index, which is the Federal Reserve’s preferred inflation gauge.