With this weekend's tariff deadline looming for China, US President Donald Trump hinted the two nations could finally reach a partial trade agreement soon.
“Getting VERY close to a BIG DEAL with China. They want it, and so do we!” Trump twitted on Thursday.
Trump and US trade negotiators are scheduled to meet at the White House on Thursday to finalize their plan for new China tariffs set to take effect this weekend.
“The two sides’ economic and trade teams are maintaining close communication,” Gao Feng, spokesman at the Chinese commerce ministry, told reporters.
Unless the first phase of a new trade deal is reached by Saturday, the US is expected to impose 15 percent duties on $160 billion of Chinese consumer products such as smartphones, laptops, other electronics and clothes.
The two countries agreed in October to conclude a preliminary trade agreement, but so far talks have failed to produce a deal.
US stocks jumped in early trading after Trump’s tweet, with the S&P 500 hitting a fresh record high at 3,159.97. The Dow Jones Industrial Average traded 200 points higher, at 28,085.53. The Nasdaq Composite advanced 0.4 percent to 8,699.62.