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.

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