Here's what you need to know about the tariff effect.

TheStreet's Martin Baccardax breaks down what the tariffs and the trade truce mean for the markets as the year comes to a close. 

He said that he believes that the worry about tariffs may be the one thing keeping us from one final bull market high before the year ends.

President Donald Trump told Reuters he was pleased with the early progress in trade talks with Beijing, and said he would be prepared to meet with Chinese President Xi Jinping if it would bring the sides closer to a comprehensive agreement. He also said he was willing to intervene in the legal proceedings surrounding Huawei Technologies Co. Chief Financial Officer Meng Wanzhou, who was granted bail in Canada Tuesday but still faces extradition to the United States on charges she helped the company evade sanctions on Iran, wrote TheStreet's staff on Wednesday, Dec. 12.

The Wall Street Journal reported Wednesday that China was drafting a replacement for Made in China 2025 - Xi's blueprint to make the country a leader in high-tech industries - which would play down China's bid to dominate manufacturing and be more open to participation by foreign companies. The Journal article cited people briefed on the matter.

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