Stocks fell Tuesday, but closed well off the worst levels of the session, after President Trump said a U.S.-China trade deal may not happen until after the 2020 election.

The Dow Jones Industrial Average closed down 280 points, clawing back from a 458 point deficit, before finishing lower by 1 percent. The S&P 500 and Nasdaq were down 0.7 percent and 0.6 percent, respectively.

"In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now and we’ll see whether the deal’s gonna be right -- it's gotta be right," Trump told reporters in London where he is attending a NATO summit, adding that he has "no deadline" to complete an agreement.

He also blasted the European Union for taking financial advantage of the United States. Read more at FOX Business