And the loser is...

U.S. stocks drop the most in a month, while evidence mounts that the trade war with China is taking its toll on the American economy. Here are some of the things people in markets are talking about.

President Donald Trump regularly declares that he’s winning his trade wars. Yet evidence is growing that the U.S. economy is a net loser so far. In two separate papers published over the weekend, some of the world’s leading trade economists declared Trump’s tariffs to be the most consequential trade experiment seen since the 1930 Smoot-Hawley tariffs blamed for worsening the Great Depression. They also found the initial cost of Trump’s duties to the U.S. economy was in the billions and being borne largely by American consumers. The world’s two largest economies are nearing the finish line on a deal, but that doesn’t mean the U.S.-China trade war ends. More work remains on ensuring that Beijing will follow through on its commitments, U.S. Trade Representative Robert Lighthizer told Congress last week. And while China wants Trump to remove tariffs that he imposed last year on $200 billion of Chinese goods, it’s not yet clear if the president will roll back some or all of the duties.