The S&P 500 jumped 1.5% to recover more than half its drop from Friday, which was its worst since April. The Dow Jones Industrial Average was up 561 points, or 1.2%, as of 12:02 p.m. Eastern time, and the Nasdaq composite was 2% higher.
“Don’t worry about China,” Trump said on his social media platform Sunday. He also said that China’s leader, Xi Jinping, “doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!”
It was a sharp turnaround from the anger Trump displayed on Friday, when he accused China of “ a moral disgrace in dealing with other Nations."
He pointed to “an extremely hostile letter” from China describing curbs to exports of rare earths, which are materials used in the manufacturing of everything from personal electronics to jet engines. Trump said at the time that he may place an additional 100% tax on imports from China starting on Nov. 1.
For its part, China urged the United States to resolve differences through negotiations instead of threats. “We do not want a tariff war but we are not afraid of one," the Commerce Ministry said in a statement posted online.
