China to offer path to eliminate trade imbalance with US: Report

China has offered a six-year boost in imports during its ongoing talks with the U.S., officials familiar with the matter told CNBC.

Chinese officials made the offer during negotiations in Beijing earlier in January, Bloomberg News reported. China would increase its annual import of U.S. goods by a combined value of over $1 trillion, the officials told Bloomberg, which was first to report on the import boost offer.

The U.S. had a trade deficit of $323 billion with China in 2018. This deal would aim to reduce that annual trade difference to $0 by 2024, one of the officials told Bloomberg.

Stocks rose to their highs of the day when news of the offer hit Wall Street.

This story is developing. Please check back for updates.

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