US chipmaker Intel has appointed former board member Lip-Bu Tan as its new CEO. He takes over as the once dominant semiconductor maker is racking up losses and struggling to compete.

The losses came after Trump upped the stakes in his trade war by threatening huge taxes on European wines and alcohol. Not even a double-shot of good news on the U.S. economy could stop the bleeding.

Wall Street sank after President Donald Trump's escalating trade war worsened the U.S. stock market's sell-off.