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The Dow Jones Industrial Average .DJI and the S&P 500 .SPX fell from record levels on Tuesday as dour forecasts from retailers Home Depot and Kohl's fueled worries about consumer spending and the U.S.-China trade dispute dragged on.

U.S. President Donald Trump on Tuesday threatened to escalate the trade war by raising tariffs on Chinese imports if no deal is reached with Beijing.

The weak retailer forecasts came as investors are laser focused on consumer spending as the key to U.S. economic growth.

Public hearings for the impeachment inquiry against Trump, also added to uncertainty, the money manager said. On Tuesday a White House official said the president’s request that Ukraine investigate a domestic political rival was an improper “demand,” and he fended off Republican efforts to cast doubt on his competence and loyalty to the United States.

· European markets ended lower to edge into negative territory on Tuesday afternoon, amid uncertainty and pessimism over the outcome of trade talks between the U.S. and China.

The pan-European Stoxx 600 closed 0.2% during afternoon trade, having earlier hit its highest since May 2015. Travel and leisure stocks jumped 0.6% to lead gains, as most sectors fell below the flatline.

· Asia stocks traded lower Wednesday morning as U.S. President Donald Trump threatened to raise tariffs on Chinese goods if the two economic powerhouses do not strike a deal.

Japan’s Nikkei 225 and Topix indexes were fractionally lower in early trade. That came after Japanese merchandise trade data for October from the country’s Ministry of Finance showed exports for the month falling 9.2%year-on-year — well off the 7.6% year-on-year decline expected by economists in a Reuters poll.

South Korea’s Kospi shed 0.37%, while the S&P/ASX 200 in Australia declined 0.96% in morning trade.

Overall, the MSCI Asia ex-Japan index traded 0.23% lower.

Markets have been on edge for much of the trading week as investors seek clarity on the state of U.S.-China trade negotiations as a Dec. 15 deadline approaches. A tariff hike on Chinese exports to the U.S. is set to kick in on that date.

Reference: CNBC, Reuters