President Trump’s renewed threat to increase tariffs on Chinese imports upended investor expectations about progress toward a trade deal on Monday, making for a volatile day on Wall Street.

The S&P 500 started the day by declining more than 1 percent, with shares in trade-sensitive industrials, semiconductor makers and other technology companies leading the decline. But after recouping the losses throughout the day, the broad market index ended down just 0.45 percent.

Stocks in Asia and Europe fared worse, with the major benchmark in China down more than 5 percent.

The volatile trading on Monday reflected a sudden change in expectations about the potential for a trade deal between the United States and China. With a Chinese delegation expected in Washington to resume negotiations on Wednesday, hopes were running high that the world’s two largest economies would end a grinding trade war that began last summer.

Confidence in that outcome dimmed on Sunday when Mr. Trump threatened to raise tariffs on about $200 billion in Chinese-made goods to 25 percent from the current 10 percent unless he saw more progress toward a deal. He also threatened to extend the tariffs to include another $325 billion in Chinese imports.