The three major stock indexes closed higher on Tuesday, aided by energy stocks, while investors saw reason for optimism for a trade breakthrough between the U.S. and China after President Donald Trump delayed tariffs for Canada and Mexico.

NEW YORK — The threat of a punishing trade war sent Wall Street on a roller coaster Monday. After initially falling sharply on worries about President Donald Trump’s tariffs, U.S. stocks pared their losses after Mexico said it had negotiated a one-month reprieve.

ING Economics estimated that the proposed tariffs, if enacted, would raise annual spending costs for consumers by $835 per American.

U.S. President Donald Trump and Chinese leader Xi Jinping will not speak on Tuesday, a U.S. official told the Wall Street Journal, contrary to what trade adviser Peter Navarro said earlier in the day.