Trump says U.S. close to signing 'phase one' trade deal with China

(SOUNDBITE) U.S. PRESIDENT DONALD TRUMP, SAYING: "Nowhere has the change in U.S. strategy been more vital or dramatic than in our dealings with respect to China." President Donald Trump on Tuesday said the United States is close to signing a "phase one" trade deal with China, but offered no fresh details on his administration’s long-running trade war with Beijing.

(SOUNDBITE) U.S. PRESIDENT DONALD TRUMP, SAYING: "They are dying to make a deal.

We're the ones that are deciding whether or not we want to make a deal.

We're close.

A significant phase one trade deal with China could happen.

It could happen soon.

But we will only accept a deal if it's good for the United States and our workers and our great companies." In a highly anticipated speech to the Economic Club of New York, Trump blamed past administrations for allowing China to manipulate trade agreements... (SOUNDBITE) U.S. PRESIDENT DONALD TRUMP, SAYING: "Just sat back.

Maybe they didn't understand what was going on.

It's impossible to believe that." And Trump renewed his trade attacks on the Chinese.

(SOUNDBITE) U.S. PRESIDENT DONALD TRUMP, SAYING: "No one has manipulated numbers better or taken advantage of the United States more.

And I won't use this word 'cheated.'

I will not say the word ‘cheated,’ but nobody’s cheated better than China, but I will not say that.” For weeks Trump has said the countries are close to a deal that would end their damaging trade war.

But, last week, officials from both countries said they had a deal to roll back tariffs, only to have Trump deny any deal was agreed on.

The S&P 500 Index is up more than 36% since Trump took office, though two-thirds of that gain occurred in his first year in the White House before he began imposing tariffs on imports from China.

Despite the simmering tensions, the S&P 500 edged higher on Tuesday close to record highs.