President Donald Trump said on Tuesday the U.S. was close to a trade deal with China and that he would meet his Chinese counterpart Xi Jinping before the end of the year if an agreement is struck. Treasury Secretary Scott Bessent said last week he believed the U.

Chinese and American trade negotiators concluded their two-day meeting in Stockholm without a clear path forward to avert tariffs from skyrocketing back to ultra-high levels that formed an effective blockade on trade between the world’s two largest economies.

P resident Donald Trump said the U.S. was “getting very close” to a deal with China, while also threatening to impose higher tariffs on the European Union as he gave several trade updates early Tuesday. Trump said the U.S. was “getting along very well” with Beijing and that a deal was close, in an interview with CNBC.