The Dow Jones Industrial Average slipped on Tuesday from a record high set earlier in the day after President Donald Trump cast doubt on the trade progress between China and the U.S.
The 30-stock index pulled back to trade 22 points lower after Trump said the two countries have a “long way to go” on trade, adding the U.S. can slap tariffs on an additional $325 billion worth of Chinese goods “if we want.”
The S&P 500 and Nasdaq Composite also fell to their session lows on Trump’s comments. As of 12:09 p.m. ET, the S&P 500 traded down 0.3%. The Nasdaq was down 0.4%.
Trump’s comments come after Chin and the U.S. agreed not to ratchet up trade tensions in an effort to restart negotiations. China and the U.S. have slapped tariffs on billions of dollars worth of each other’s imports since last year. The ongoing trade war has sparked fear of slower economic growth around the world. They also come as the U.S. corporate earnings season kicks into full gear.
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