US stocks fall as Trump speaks of more China tariffs

New York, Nov 27: Wall Street stocks fell early Tuesday following hawkish comments from President Donald Trump on the ongoing trade dispute with China ahead of a key Group of 20 summit.

About 10 minutes into trading, the Dow Jones Industrial Average stood at 24,438.70, down 0.8 percent.

The broad-based S&P 500 dropped 0.6 percent to 2,658.65, while the tech-rich Nasdaq Composite Index shed 0.8 percent to 7,023.41.

US stocks had rallied on Monday, shaking off recent weakness, in part on hopes Trump might reach agreement with Chinese leader Xi Jinping at this week's G20 meeting in Argentina.

But Trump told the Wall Street Journal on Monday that he would go ahead with a scheduled increase in punitive tariffs on $200 billion in Chinese imports if there is no deal in Argentina.

Trump also said he might impose tariffs on the remaining $267 billion in imports, including Apple computers and iPhones made in China. Shares of the tech giant slid 1.4 percent.

Dow member United Technologies sank 5.4 percent after unveiling a plan to split into three companies comprising aerospace elevators and heating and ventilation.

(AFP/APP)