Stocks dropped for a second straight day, as investors grew resigned to the idea that upcoming trade negotiations between China and the United States would be contentious, after key White House advisers echoed President Trump’s weekend threat to impose new tariffs on Chinese imports. In comments to reporters after markets closed on Monday, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin reiterated that new tariffs would be imposed on Friday, citing what they saw as Chinese backpedaling on commitments. Their comments reinforced concern that the trade talks, which are set to resume Thursday, had hit a serious snag that made a deal unlikely this week.

Source: New York Times May 07, 2019 17:48 UTC