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Trump says China deal could wait until after election

Donald Trump wearing a suit and tie US President Donald Trump gestures as he speaks during a

On top of that, Ross said on Tuesday the Trump administration has not ruled out imposing tariffs on imported autos. A United States proposal for tariffs on $2.4 billion of French goods announced after the Wall Street close may continue to cap upside in equities on Tuesday.

Declining issues outnumbered advancing ones on the NYSE by a 1.80-to-1 ratio; on Nasdaq, a 1.82-to-1 ratio favored decliners. USA stock futures also turned negative, with S&P 500 futures down 0.4%.

Commerce Secretary Wilbur Ross told CNBC that delaying a trade deal could take leverage from China.

"These actions further underscore that Congress should take up my legislation that would reassert congressional authority regarding imposition of national security tariffs", he tweeted.

Trump said he would "restore" steel and aluminum tariffs on both Argentina and Brazil due to "massive devaluation of their currencies, which is not good for our farmers". The move is in retaliation for French taxes on digital services provided by American tech companies. "But it really depends on how the breakup happens", said Ethan Harris, head of global economics research at Bank of America Merrill Lynch.

Global stock markets turned higher on Wednesday on hopes that negotiations toward a U.S.

French luxury group Kering (KER.PA), which owns brands like Gucci and Yves Saint Laurent, declined by 1.8% and LVMH (MC.PA), which owns Moet champagne, shed 1.4%.

"The Chinese government believes that President Trump is desperate for a deal before the end of the year, when the race for the presidential election will really heat up", Shah said.

The index was dragged lower by weakness in telecom and financial sectors. Asian equities were also weak today.

Investors are waiting for the next developments on the trade front. China suspended U.S. warship visits and sanctioned American NGOs after Trump signed into law a congressional measure supporting pro-democracy protesters in Hong Kong.

Benchmark U.S. crude rose 95 cents to $57.05 per barrel in electronic trading on the New York Mercantile Exchange.

That erased the market cheer from upbeat Chinese factory surveys released over the past few days.

Hopes are being pinned on the USA consumer to keep the economy afloat. Adobe projected Cyber Monday sales of at least $9.2 billion, a 16.9% jump from past year.

President Trump's remarks sent the stock market tumbling on Tuesday morning, as investors grappled to recalibrate to the suggestion that a trade deal with China could be a year away.

The euro was up 0.02% to $1.08 while the pound sterling rose 0.43% at $1.2997. The dollar index slipped to a two-week low.

"Trade friction remains a lingering threat, which is not good for market sentiment".