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.

"I think it's the biggest deal ever made," Trump said of the new agreement, which will reduce the bloc's tariff rate to 15 percent.