CNBC learned through sources on Monday that China and the U.S. were in the “final stages” of trade talks that could end this month. Sources also said the two sides are working on a summit at Mar-a-Lago, Trump’s Florida resort, to cap off the negotiations.
Worries over the two countries’ skirmish kept Wall Street on edge for most of last year as investors worried about the impasse’s impact on corporate earnings.
One of the president’s goals in striking a new deal with China is to rein in the U.S. trade deficit, a sticking point of his since he first ran in 2016. The trade deficit keeps growing, however.
The Commerce Department said Wednesday that the U.S. trade deficit reached a 10-year high in December, hitting $59.8 billion. That number easily surpassed a Refinitiv estimate of $57.3 billion. In November, the deficit was at $50.3 billion.
The department’s report showed the deficit expansion took place amid a 2.1 percent increase in imports to $264.9 billion while exports dropped 1.9 percent to $205.1 billion.