Today is not a good day for the Dow Jones Industrial Average for losses are further deepened after President Donald Trump expressed sour enthusiasm in relation to the trade war.
While the U.S. President said that the country’s relationship with China is going well, he also made a comment on how he may not be ready to make a deal with. Trump told reporters that things are doing “very well with China,” but that he’s “not ready to make a deal.”
Aside from not making a deal, he also opened up the possibility that a scheduled meeting on September may be canceled. The president also said it didn’t matter if the two sides kept a planned September meeting, saying “If we do, that’s fine. If we don’t, that’s fine.”
Following the POTUS’ announcements, the Dow DJIA, -0.98% was down 231 points, or 0.9%, at 26,146, the S&P 500 index SPX, -1.23% slipped 1% to 2,910, while the Nasdaq Composite Index COMP, -1.57% was down 1.2% at 7,940, in morning trade.
Trump made his comments as he was leaving a fundraiser in the Hamptons, on New York’s Long Island. He also added: “We’ll see whether or not we keep our meeting in September. If we do, that’s fine. If we don’t, that’s fine,” Trump said.
While Trump’s position has not changed ever since, his testimonies today come as stock investors start to become more uncertain of the outcome of the US-China trade talks. Furthermore, it fueled the fire as it came in the week when the administration labeled China a currency manipulator and U.S. stocks tumbled and recovered in volatile trade.
He further criticized the U.S. dollar and called on the Federal Reserve to cut interest rates more than it has but denied saying that he wants a devaluation of the nation’s currency.