By April Joyner
NEW YORK (Reuters) - U.S. stocks fell on Wednesday after President Donald Trump 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.
Trump is looking to levy tariffs on up to $60 billion of Chinese imports, targeting the technology, telecom and apparel sectors, sources told Reuters on Tuesday.
Trump has already imposed tariffs on steel and aluminium imports as well as solar panels and washing machines, sparking threats of retaliation from some trade partners.
"Larry Kudlow is very much a free trader," said Stephen Massocca, senior vice president at Wedbush Securities in San Francisco. "This shows that Trump wants to hear the other side of the argument as well."
At 2:57 p.m. (1857 GMT), the Dow Jones Industrial Average <.DJI> fell 204.03 points, or 0.82 percent, to 24,803, the S&P 500 <.SPX> lost 11.78 points, or 0.43 percent, to 2,753.53 and the Nasdaq 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. retail sales 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/]
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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)