Stocks racked up more losses on Wall Street Tuesday as a trade war between the U.S. and its key trading partners escalated, wiping out all the gains since Election Day for the S&P 500.

The Wall Street Journal argued that "someone should sue" the Trump administration over the massive tariffs it has imposed on Mexico and Canada.

The recent decline in U.S. stocks has wiped out all of the markets' gains since Trump’s election in November. That rally had been built largely on hopes for policies that would strengthen the U.S. economy and businesses.

Economic forecasts have been weakening. While some see slower growth, several commentators see the chance of an outright recession rising this year.

Beijing hits back with retaliatory tariffs and other measures after U.S. imposes additional 10% duties on China

But amid retaliatory tariffs and warnings from businesses about the squeeze of forceful levies, it seems clear that Wall Street is delivering its own resounding judgment on Trump’s economic actions.

Stocks were rallying Wednesday after Commerce Secretary Howard Lutnick signaled the U.S. could be prepared to scale back its tariffs on Canada and Mexico, but the best-known measure of market uncertainty remained elevated.