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Stocks slump as Trump says trade deal with China can wait

In this Nov. 14, 2019, file photo trader John Elliott works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Tuesday, Dec. 3. Photo: (AP Photo/Richard Drew, File)
In this Nov. 14, 2019, file photo trader John Elliott works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EST on Tuesday, Dec. 3.

Updated: December 03, 2019 10:56 AM

U.S. stocks fell sharply early Tuesday after President Donald Trump cast doubt over the potential for a trade deal with China this year and threatened to place tariffs on French goods.

Trump said he has no deadline for a deal and could wait until after the election to make one. Investors had been hoping for a deal this year.

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Apple slid as technology stocks led the losses. Bank stocks also suffered as investors headed for the safety of bonds and pushed yields lower. Utilities rose.

Trump told reporters on the sidelines of the NATO summit in London that the stock market has reached record highs recently so it's OK that the market fell.

He says he has to make the right trade deal with China — one that's good for the United States.

Trump said, ''If it's an even deal, it's no good."

The S&P 500 index fell 1.3% as of 10 a.m. Eastern time. The Dow Jones Industrial Average fell 393 points, or 1.4%, to 27,388. The Nasdaq fell 1.4%.

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Credits

Associated Press

(Copyright 2019 by The Associated Press. All Rights Reserved.)

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