The stock market is stumbling toward a sizable weekly loss, whacked in large part by trade-war fears.

President Trump has “shocked the markets with a regressive, counter-productive and possibly destructive tariff plan for aluminum and steel,” complains Josh “The Reformed Broker” Brown.

Check out:These stocks took the biggest hits on fears of a Trump trade war

Canada, the European Union and China (well, the Chinese steel industry, at least) have come out swinging in response, and Trump is fanning the flames for a battle in trade:

At least the weekend is coming. You can kick back with a beer — no one will ever mess with that, right? Uh-oh.

That’s the worried message from GQ writer Luke Darby and the Midwest Food Processors Association’s Nick George, who combine for our call of the day.

“The fallout from these tariffs could be tremendous, including rising prices, layoffs and beer coming in plastic bags like Canadian milk,” says Darby.

He’s suggesting brewers will hike prices for six packs if they have to pay more for aluminum cans, as he also jokes that they’ll switch to using plastic bags. (Yes, many Canadians buy milk by the bag.)

The tariffs “definitely could raise prices” for consumers, says George, president of the Midwest Food Processors Association, according to a Milwaukee Journal Sentinel report.

They’re part of a horde of people worried about the potential impact on the big users of aluminum and steel. There’s buzz about Hershey Kisses, cars, Apple Macbooks and other beloved goods possibly costing more.

Read:Why the stock market took the tariff announcement so hard

And see:Trump steel tariffs to hit these 8 nations the hardest (China isn’t one of them)

Tariffs can push up the cost of goods, which in turn lifts selling prices or cuts profits. Many U.S. companies use steel and aluminum, from airplane makers to beverage giants. Trump said yesterday that he’d decided on tariffs of 25% for steel imports and 10% for aluminum and would sign orders next week.

“Nothing gets people riled up like messing with their beer,” says Thrillist writer Dustin Nelson.

Key market gauges

Futures for the Dow US:YMH8 , S&P 500 US:ESH8 and Nasdaq-100 US:NQH8 are slumping, and the Dow DJIA, -2.76% , S&P SPX, -2.07% and Nasdaq Composite COMP, -1.21% were already looking at weekly losses of more than 2% as of yesterday’s close.

Europe equities SXXP, -3.24% — and German stocks in particular — are hurting, after Asia took a hit on trade-war jitters. Oil US:CLJ8 and the dollar DXY, +0.88% are losing ground, with the buck at its lowest yen level since 2016. Gold US:GCJ8 is gaining, while bitcoin BTCUSD, -4.04% has been trading around $11,000, as the Bank of England’s boss hints at regulatory action in the U.K.

See the Market Snapshot column for the latest action.

The chart

WSJ

The gap is widening between the movies that win Academy Awards and the ones that top the box office, says a Wall Street Journal report. The report bears the headline “The Oscar for Best Picture goes to ... something you probably didn’t see” — and comes ahead of Sunday’s Oscars hoopla.

Check out:‘Get Out’ is spending big to try and win the Best Picture Oscar

And see:Oscar-nominated documentary looks at the only U.S. bank prosecuted after the financial crisis

The buzz

Smith & Wesson parent American Outdoor Brands US:AOBC appears set for a big down day after forecasting weak sales for at least a year. It’s become the latest gun maker to report disappointing quarterly results as lawmakers discuss tougher regulations and some major retailers tighten firearms sales.

Nutanix’s stock NTNX, -1.63% is on track for gains after the cloud computing company’s quarterly results and outlook beat forecasts. There are good vibrations around its transition to a more software-centric approach.

Gap GPS, -3.03% looks like another winner after its earnings, while J.C. Penney US:JCP , Nordstrom JWN, -7.63% and Foot Locker FL, -5.26% are falling premarket after their results.

Microchip Technology MCHP, -3.39% plans to buy Microsemi US:MSCC in a chip industry deal valued at more than $10 billion.

Richard Clarida, an economist at Pimco, now looks like the front-runner to become the Federal Reserve’s vice chairman.

On the data front, a reading on consumer sentiment is due at 10 a.m. Eastern Time.

Check out:MarketWatch’s Economic Calendar

U.K. Prime Minister Theresa May’s Brexit speech today could wallop the pound GBPUSD, -0.92% , while euro EURUSD, -0.87% traders are bracing for a political “Super Sunday.”

The quote

“The last thing I wanted to do was walk away from one of the great honors of my life — being the secretary of Homeland Security. But I did something wrong and God punished me, I guess.” — John Kelly jokes about how the White House chief of staff’s job is far from easy.

That comes as a New York Times report says Trump has privately asked Kelly for his help in getting his daughter Ivanka and her husband Jared Kushner out of the White House.

And in other staff tumult news, economic adviser Gary Cohn is thinking about resigning because of the plan on tariffs, that NYT report says.

Random reads

An East Coast storm could be bringing the worst winds since Hurricane Sandy.

Rosa Parks’ house has traveled 8,000 miles.

“Black Panther” fans created Wakanda sports teams with killer jerseys.

A big U.K. winter storm basically took the roof off a Glasgow hospital.

The Big Board really gets teens:

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