Stocks on Wall Street dropped for a third straight day as President Trump dented hopes of a trade deal with China before the 2020 election
NEW YORK - U.S. stocks sold off for a third consecutive session on Tuesday after comments from President Donald Trump and Commerce Secretary Wilbur Ross threw cold water on hopes of a possible near-term respite from the market-bruising U.S.-China trade war.
That optimism was dampened as Trump suggested a deal might have to wait until after the 2020 election, and separately, Ross confirmed that new tariffs on Chinese imports would take effect on Dec. 15 as scheduled, unless substantial progress was made. “The setback in the Chinese trade negotiations, coupled with tariffs on the French with regard to the digital tax and tariffs on Brazil and Argentina for steel, when you add that up it was disappointing to the markets,” said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco.
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