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US stocks fell on Wednesday as US President Trump sought to levy tariffs on more Chinese imports, aggravating market fears. If a trade war breaks out, it could drive up U.S. company costs and damage its overseas sales.

The White House said on Wednesday that the Trump administration has asked China to reduce its trade surplus with the United States by 100 billion U.S. dollars.

The source told Reuters on Tuesday that Trump sought to impose tariffs on China’s 60 billion U.S. dollar imports, targeting technology, telecommunications, and apparel industries.

Since the performance period is over, the latest developments in Washington are even more important to investors, said Brad McMillan, chief investment officer of the Commonwealth Financial Network.

"Of course, from the economic point of view, the potential impact of tariffs will continue to stir the market," he said.

"The market is in a very short period of time without a lot of good news."

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