Trump says China trade deal could happen 'sooner than you think'

China concerned with losing face in trade talks: Gasparino

FOX Business’ Charles Gasparino discusses trade tensions between the U.S. and China as well as big tech crackdowns.

President Trump said the U.S. may reach a trade deal with China “sooner than you think,” sending stock markets to their highest levels of the day.

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“We have created the greatest economy in the history of our country, the greatest economy in the world,” Trump said, referring to his administration's loosening of corporate regulations and GOP-led tax cuts.

“Had my opponent won, China would right now be the No. 1 economy by far," Trump said. "Right now, China is way behind us, and they’ll never catch us if we have smart leadership. We've picked up trillions dollars and they’ve lost trillions of dollars. And they want to make a deal very badly and it could happen sooner than you think.”

The president has imposed tariffs on billions of dollars in Chinese imports, which he says will force Beijing to negotiate a pact ending decades of trade-secret theft and giving U.S. companies greater access to the world's second-largest economy. American businesses have repeatedly complained, however, that they're paying the import duties and their costs are rising as a result.

Negotiations between U.S. and China trade officials will resume in Washington in two weeks, Treasury Secretary Steven Mnuchin told FOX Business on Tuesday evening.

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The two sides last week held deputy level trade talks that resulted in Chinese importers buying 600,000 tons of U.S. soybeans.

This is a developing story. Check back for updates.

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