New York - Concerns over trade relations between the United States and China dragged on global equity markets, oil futures and U.S. Treasury yields on Tuesday as investors fretted that the world’s biggest economies were far from agreement in an ongoing trade spat.
Beijing said its top negotiator, Vice Premier Liu He, would go to Washington for talks this week, as planned, even after U.S. President Donald Trump’s threat on Sunday to ratchet up tariffs on hundreds of billions of dollars of Chinese goods.
But U.S. Trade Representative Robert Lighthizer, who has been an advocate for tough structural changes in China, said Beijing had reneged on previous commitments. “The issue is to sit down and make more progress on this. Right now it feels like we’re at a place where things are getting worse, not better, in terms of getting a deal done,” said Art Hogan, chief market strategist at National Securities in New York.
The Dow Jones Industrial Average fell 360.64 points, or 1.36%, to 26,077.84, the S&P 500 lost 43.01 points, or 1.47%, to 2,889.46 and the Nasdaq Composite dropped 139.14 points, or 1.71%, to 7,984.15.