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President Donald Trump said China is ¡°dying¡± to make a trade deal with the U.S. and the first step of a broader agreement is close to being completed, but he¡¯ll only sign it if it¡¯s good for American companies and workers.

¡°We¡¯re close ¡ª a significant phase one deal could happen, could happen soon,¡± he said Tuesday in a speech to the Economic Club of New York.

Trump reiterated complaints about China¡¯s rise in the global economy. ¡°Nobody¡¯s cheated better than China,¡± he said. ¡°The theft of American jobs and American wealth is over.¡±

U.S. stocks have rallied to records in recent days partly on optimism that tensions are cooling in an 18-month dispute involving tariffs on some $500 billion in trade between the world¡¯s two largest economies. The S&P 500 Index was up about 0.3 percent as Trump delivered his remarks.

Trump and Chinese President Xi Jinping had planned to sign ¡°phase one¡± of the deal at an international conference this month in Chile that was canceled because of social unrest in that country.

A new site for the signing hasn¡¯t been announced. U.S. locations for the meeting that had been proposed by the White House have been ruled out, according to a person familiar with the matter. Locations in Asia and Europe are now being considered instead, the person said, asking not to be identified because the discussions aren¡¯t public.

The economic stakes of a prolonged trade war are rising for both countries.

China¡¯s exports and imports continued to contract in October, though slightly less than forecast by economists. The nation¡¯s trade surplus with the U.S. widened in the month to $26.4 billion ¡ª heading in the opposite direction from the narrowing that Trump has called for to balance the countries¡¯ trading relationship.