The Dow Jones industrial average tumbled more than 400 points Tuesday after President Trump said he has “no deadline” to end the trade war with China, and that it could drag on beyond the 2020 election.

“In some ways, I like the idea of waiting until after the election for the China deal,” Trump told reporters in London, where he was due to attend a NATO summit. “But they want to make a deal now, and we’ll see whether or not the deal’s going to be right. It’s got to be right.”

The Dow was recently off 423.40, or 1.5 percent, at 27,359.64 −423.40. The S&P 500 was off 1.3 percent, or 38.59 points, at 3,075.12. The Nasdaq Composite was off 107.27 points, or 1.3 percent, to 8,460.72.

The US-China trade talks face a Dec. 15 deadline for new US tariffs to kick in on about $156 billion worth of Chinese imports, including smartphones and laptops, though Trump could postpone the tariffs, as he did in October.