The U.S. and China have no choice but to conclude ongoing trade negotiations, most likely in the next month or so, former U.S. ambassador to China Max Baucus said.

"The talks will conclude. They have to," Baucus told. "U.S, China, we're so closely joined at the hip economically, we got to get this thing done."

"There's some feeling here maybe — by the end of April, maybe a little longer — but we'll get it done," Baucus said, noting that otherwise, U.S. stock markets and China's already slowing economy would be negatively impacted.

For those reasons, Baucus said there is greater impetus for the U.S. to make a deal with China. He also said the near-term fallout of nuclear talks between Trump and North Korean leader Kim Jong Un in late February should not be used as an example for how trade negotiations between the world's two largest economies might end.