Stocks dropped Tuesday after U.S. President Trump said he can wait until after the 2020 election to make a trade deal with China.

Investors were hoping for a new deal since new tariffs on Chinese goods start December 15th, according to the AP.

Technology stocks suffered the most losses, many of the companies rely on China.

Trump has also threatened Argentina, Brazil and France with tariffs.

The AP reports, Trump is retaliating against France for their tax on tech companies like Google and Amazon.

In the case of Argentina and Brazil, Trump wants to tariff their steel and aluminum. He accuses both countries of hurting American farmers.

While stocks overall dropped, shares of U.S. steel companies rose, according to CBS News.

AK Steel Holding rose 6.9%, U.S. Steel about 3.8%, and Steel Dynamics went up 1.4%

CBS News says, according to a U.S. Steel quarterly earnings call, selling prices for U.S. Steel were already expected to rise.

However, the Institute for Supply Management says, overall, U.S. manufacturing is currently in a recession. 

Trade conflicts and a weakening global economy are impacting new orders, production, hiring and exports.