The president didn’t share specific details, but the news caused a slight move in the markets.

US President Donald Trump’s awaited announcement at The Economic Club of New York didn’t carry any major policy announcements, but the president shared the possibility of an upcoming deal. Rumors spread on Tuesday that Trump would share a time and date for an official signing have proven unfounded. However, Trump did announce that negotiators from both countries are “close” to a phase one trade deal. At the same time, he reiterated his previous allegations that China is “cheating” in international trade.

“We’re close. A significant Phase One trade deal with China could happen. 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,” Trump said at The Economic Club of New York’s function. He did, however, remind once again that he would raise tariffs on Chinese imports into the US “very substantially” should China refuse to sign a deal with the US. He also added that the same will be true of other countries if they “mistreat us too.”

Trump also took the opportunity to once again take aim at the Federal Reserve. He criticized the Fed for keeping US interest rates higher than they are in other economies, and called for negative interest rates.