Wall Street falls sharply on fears of delays to Trump tax cut

The Dow Jones industrial average fell 33.07 points, or 0.18 percent, to 18,448.41, the lost 2.97 points, or 0.14 percent, to 2,172.47 and the Nasdaq Composite dropped 5.49 points, or 0.11 percent, to 5,212.20 (Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 25, 2016. - REUTERS)

Meanwhile British shares dipped on Tuesday as sterling strengthened after British inflation shot past the central bank's target for the first time in three years.

The blue-chip FTSE 100 index <.FTSE>, with its majority foreign-currency earning constituents, tends to gain from a weaker pound, which lifted it to record highs earlier this year.