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Markets edged lower Tuesday, erasing earlier gains and signaling that investors still remain concerned about President Trump’s trade policies.
Shares in Bank of America and Citigroup gained after the duo rounded out bank earnings season. Wall Street trading desks are minting money from the tariff chaos—but uncertainty and slowing growth could be bad news for other parts of the banks’ businesses.
Trump released a new statement on China Tuesday saying that the country needs to come to the U.S. to make a trade deal to lower the tariffs the U.S. has levied, because the country needs U.S. consumers and their spending.
Major indexes had risen Monday, helped by Trump’s comments that he could pause some auto levies, and by weekend news some tech products would be exempt from reciprocal tariffs. The government also said it had opened new probes that could lead to pharma and semiconductor tariffs.
In Europe, luxury stocks sank after industry heavyweight LVMH reported a drop in sales, as it contends with mounting trade tensions and faltering Chinese demand.