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U.S. President Donald Trump is now crossing the wires, repeating that the U.S. won’t let China try to renegotiate the trade deal. “Just received a letter from Xi with an excellent alternative to deal,” Trump added and said that he will probably speak to his Chinese counterpart soon by phone.

The initial market reaction to Trump’s comments seems to be helping major equity indexes pull away from lows. The S&P 500 and the Nasdaq Composite, which lost more than 1.5% earlier in the session, were last down 0.7% and 0.8%, respectively.