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European Stocks Fall After Trump Says China Trade Deal May Not Happen Until After 2020 Election

European stocks on Tuesday dropped as U.S. President Donald Trump suggested a highly anticipated trade deal might not come for a year.

European stocks on Tuesday dropped as U.S. President Donald Trump suggested a highly anticipated trade deal might not come for a year.

European stocks on Tuesday dropped as U.S. President Donald Trump suggested a highly anticipated trade deal might not come for a year.

“In some ways I like the idea of waiting until after the election for the China deal,” Trump said at a news conference in London.

The U.S. also introduced its plan to slap tariffs on $2.4 billion of French products, if France goes ahead with a digital-services tax mostly aimed at big U.S. tech companies.

After ending Monday with the worst drop since Oct. 2 on concerns over U.S. manufacturing and the reintroduction of U.S. tariffs on Brazil and Argentina, the Stoxx Europe 600 declined 0.09% to 400.65.

The U.K. FTSE 100 struggled even more, as it slumped 1.09% to 7206.26, pressured as the rise in sterling weighed on British-based multinationals that earn the bulk of their profits outside the country.

Shares in Italian bank UniCredit edged higher as it laid out plans, at a London capital markets event, to cut 8,000 jobs by the end of 2023 and return €8 billion to investors. Analysts at UBS said there were no big surprises in the plan, with the guidance for 2020 results looking below consensus but the bank presenting a more attractive shareholder-return proposition.

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