©  Associated Press

PRESIDENT TRUMP IS DIGGING IN for the long haul on his intercontinental trade war, even as the S&P 500 neared correction territory Thursday.

Speaking at the White House next to NATO Secretary-General Mark Rutte, Trump insisted he could not be swayed to back away from the retaliatory tariffs that have roiled the financial markets.

“I’m not going to bend at all,” Trump said.

Ahead of his meeting with Rutte, Trump threatened a 200 percent tariff on wine and Champagne from the European Union (EU), calling the EU “one of the most hostile and abusive taxing and tariffing authorities in the world.”

Trump also railed against Canada on Thursday, as the tariffs brinkmanship reached new heights.

“We don’t need their lumber, we don’t need their energy,” Trump said.

“We don’t need anything they have,” he added.

Secretary of State Marco Rubio is in Quebec for the Group of Seven (G7) summit. He’s been holding meetings with Canadian Foreign Minister Mélanie Joly, as Trump muses about annexing her country.

Commerce Secretary Howard Lutnick is also meeting with Ontario Premier Doug Ford, who backed away from levying electricity tariffs on three U.S. states this week.

“We have done nothing to justify Trump’s attacks on our country, on our economy and our identity,” Joly said.

Canada’s incoming prime minister, Mark Carney, said he’s ready to meet with Trump but only if he respects Canada’s sovereignty and is serious about finding a solution to end the trade war.

Trump’s pick for ambassador to Canada, Pete Hoekstra, said at a Congressional hearing Thursday that he believes Canada is a sovereign state, though he avoided a question about whether it should be referred to as the “51st state” of the U.S.

The U.S. got some good news on inflation this week, but economists, executives and some Republicans worry the economy will not be able to withstand the dark cloud of a trade war.

“Uncertainty is not a good thing,” JPMorgan Chase CEO Jamie Dimon told Semafor.

The economy once polled as Trump’s strongest suit, but new surveys indicate the public has little tolerance for the trade wars.

Most voters in a new Reuters poll said Trump’s economic moves are too "erratic," and half of voters surveyed by CNN said Trump’s policies are making the economy worse.

Meanwhile, Trump and Russian President Vladimir Putin both sent a signal Thursday that Russia might be open to accepting a 30-day ceasefire proposal with Ukraine.

“We are getting word things are going OK in Russia,” Trump said.

“Hopefully they’ll do the right thing,” he added.

The Associated Press reports Putin spoke vaguely at a press conference about how he’s open to discussing a ceasefire if certain conditions are met, including a deal that addresses the “root causes of the crisis.”

“The idea itself is correct, and we certainly support it,” Putin said in Moscow. “But there are issues that we need to discuss, and I think that we need to discuss it with our American colleagues and partners.”

Trump said he’d be willing to discuss the matter directly with Putin.

“I’d love to meet with him and talk to him but we have to get it over with fast,” he said.

Washington is promising further sanctions on Russia if they resist.

Secretary of State Marco Rubio is discussing the proposed ceasefire with foreign ministers at the G7.

“Here’s what we’d like the world to look like in a few days: Neither side is shooting at each other — not rockets, not missiles, not bullets, nothing, not artillery,” Rubio said.