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Three major U.S. stock indexes closed lower on Thursday, with investors focusing on a crucial round of trade negotiations between China and the United States, but President Trump said the stock index fell sharply after a possible agreement was reached this week.
The U.S. stock market fell more than 1% in early trading, but Trump recovered most of the losses after saying he had received a "beautiful letter" from Chinese President Xi Jinping. Trump said the negotiators would meet at 5 p.m. Eastern Time on Thursday (GMT 2100). They will continue the negotiations until Friday.
However, the United States did not make concessions on Friday to raise tariffs on $200 billion worth of Chinese imports to the United States to 25 per cent. Trump also said that a 25% tariff on Chinese goods valued at $325 billion had been initiated.
Despite the possibility of further tariff increases, some investors remain optimistic that a trade agreement between the two countries is imminent, said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, which may limit Thursday's decline.
"Tomorrow we will probably see tariffs raised, but it will be resolved," Stoltzfus said. "It is unrealistic for both sides to expand trade disputes into prolonged trade wars."


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