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.
China pegged its proposal to buy more U.S. goods through 2024 to President Donald Trump’s hopes of being re-elected to a second term in 2020, the sources told CNBC.
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.
The China Trade Index is an equally weighted index of 25 companies created by CNBC, with research by CNBC market analysts.