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Wall Street slides as trade war worries weigh

Reuters  |  NEW YORK 

By April Joyner

(Reuters) - U.S. stocks fell on Wednesday after sought to impose fresh tariffs on China, intensifying fears of a trade war that could raise costs and hurt overseas sales for U.S. companies.

The is pressing to cut its trade surplus with the by $100 billion, the said Wednesday.

Trump is looking to levy tariffs on up to $60 billion of Chinese imports, targeting the technology, telecom and apparel sectors, sources told on Tuesday.

"There's trade war talk going on," said Michael O'Rourke, at in Greenwich, "We saw people taking profit amidst the uncertainty."

Trump has already imposed tariffs on and aluminium imports as well as solar panels and washing machines, sparking threats of retaliation from some trade partners.

tumbled 2.7 percent, leading the losers on the Dow.

Stocks briefly pared some losses after said on Wednesday he had accepted an offer to replace as the White House's top

"is very much a free trader," said Stephen Massocca, senior vice at in "This shows that Trump wants to hear the other side of the argument as well."

At 2:57 p.m. (1857 GMT), the <.DJI> fell 204.03 points, or 0.82 percent, to 24,803, the <.SPX> lost 11.78 points, or 0.43 percent, to 2,753.53 and the Composite <.IXIC> dropped 7.84 points, or 0.1 percent, to 7,503.17.

Also weighing on investor sentiment was data that showed U.S. fell for a third straight month in February, pointing to a slowdown in economic growth in the first quarter.

Financial stocks <.SPSY> fell 1.3 percent, tracking a decline in U.S. bond yields. [US/]

fell 19.7 percent after the company gave a disappointing full-year earnings forecast.

rose 2.8 percent after upgraded the stock to "overweight" from "underweight" and raised its earnings estimate on the automaker.

Declining issues outnumbered advancing ones on the NYSE by a 1.33-to-1 ratio; on Nasdaq, a 1.49-to-1 ratio favoured decliners.

The posted 12 new 52-week highs and five new lows; the Composite recorded 90 new highs and 37 new lows.

(Additional reporting by in Bengaluru; Editing by and James Dalgleish)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, March 15 2018. 02:07 IST