Donald Trump ‘pushing US negotiators to reach trade deal with China because he wants stock market rally’
- US President is said to be concerned that failure to conclude an agreement quickly will take its toll on Wall Street
Donald Trump is pressuring US trade negotiators to cut a deal with China soon in hope of fuelling a market rally, as he grows increasingly concerned that the lack of an agreement could drag down stocks, according to people familiar with the matter.
As trade talks with China advance, Trump has noticed the market gains that followed each sign of progress, said the people, who requested anonymity to discuss internal deliberations.
He watched US and Asian stocks rise on his decision to delay an increase in tariffs on Chinese goods scheduled for March 1, one of the people said.
The world’s two largest economies are moving closer to a final agreement that could end their almost year-long trade war, an outcome that would also provide a boost to his efforts to seek reelection in 2020.
A new trade accord that would provide Trump with a much-needed win after the collapse of his summit with North Korean leader Kim Jong-un.
Trump, who met his trade team Monday, has expressed interest in hosting Chinese President Xi Jinping for a deal signing ceremony as soon as this month.