President Donald Trump is pushing hard to strike a trade deal with China in the hope of lifting the stock market ahead of his re-election bid, three sources briefed on talks told CNBC.
The sources said Trump wants a rally as he gets set to run for a second term and has decided that resolving the U.S.-China trade dispute can make that happen.
The president is increasingly concerned that the lack of a trade agreement could knock down stocks, Bloomberg News reported earlier Wednesday. Trump has taken notice of the market's gains as both sides get closer to a deal, the report added.
U.S. stocks started 2019 strong, with the S&P 500 surging more than 11 percent through Tuesday's close. Part of the rally has been fueled by investors increasing bets that China and the U.S. will strike a trade deal soon. However, there are growing concerns that a deal is fully baked into the market, possibly limiting any more gains coming from positive trade news.