In an interview with CNBC, veteran trader Art Cashin echoed the worry of investors on whether a U.S.-China trade deal is actually on the cusp of materializing or not.

The idea of the trade war continuing would certainly send the markets south. Combined with fears of slowing global growth and a reduction in corporate earnings, an ongoing trade war would certainly add to the growing wall of worry for investors.

“If it began to look like a semipermanent trade war, the market would definitely sell off,” said Cashin.

Furthermore, the severity of a sell-off would depend on how long the trade war continues–to Cashin, the longer, the deeper the sell-off.

“If it looks like we are looking at two years or something like that, with us going nose to nose with some major trading partners, then I think the sell-off could be more severe,” Cashin added.

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