LINKEDINCOMMENTMORE

The U.S. is getting “very close” to a “big deal” with China on trade, President Donald Trump said.

Negotiators from the world’s two biggest economies have been locked in negotiations on a phase-one deal ahead of Dec. 15, when the U.S. is due to impose a new round of tariffs on about $160 billion of consumer goods imported from China.

The S&P 500 Index advanced after Trump’s tweet, with the gain in American stocks pushing the MSCI All-Country stock index to its first record since January 2018. The 10-year Treasury yield spiked higher and the dollar edged up.

With a deadline for higher U.S. tariffs on Chinese goods just a few days away, there’s expected to be a closed-door meeting today at the White House to discuss how Trump will proceed before more tariffs take effect Sunday.

While a delay would extend the uncertainty for markets and the economy, it allows China and the U.S. to keep talking without inflicting more pain on each other.

Read or Share this story: https://www.detroitnews.com/story/news/politics/2019/12/12/trump-says-white-house-close-big-china-deal/40806303/