Trump reportedly pushing for trade deal with China in hopes of boosting stock market

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President Donald Trump is pushing hard to strike a trade deal with China with the hopes of lifting stock market prices further, Bloomberg News reported Wednesday.

The report, which cited people familiar with the matter, said Trump is increasingly concerned that the lack of a trade agreement could knock down stocks. Trump has taken notice of the market’s gains as both sides get closer to a deal, the report added.

One of the people familiar with the matter told Bloomberg that Trump watched how U.S. and Asian shares rose following his decision to push back a tariff hike scheduled for March 1.

U.S. stocks came out of the gates strong to start 2019, with the S&P 500 rallying 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.

CNBC learned through sources on Monday that China and the U.S. were in the “final stages” of trade talks that could end this month. Sources also said the two sides are working on a Mar-a-Lago summit to cap off the negotiations.

Worries over the two countries’ skirmish kept Wall Street on edge for most of last year as investors worried about the impasse’s impact on corporate earnings.

The White House did not immediately respond to CNBC’s request for comment.

Click here to read Bloomberg News’ full report.

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