Traders work on the floor at the New York Stock Exchange.
Brendan McDermid | Reuters
Trump told reporters on Thursday that talks between the two countries were going “really well.” His comments came after he tweeted that he would meet with Chinese Vice Premier Liu He at the White House on Friday.
Trump’s tweet came hours after a deluge of trade-related headlines Wednesday night gave investors whiplash. Some reports indicated the talks were stalling or were yielding little fruit. Others, however, pointed toward some sort of deal being made that would involve holding off on higher U.S. tariffs against China.
“Even a partial deal could be a huge boost for stocks, especially following this week’s scary headlines,” Ken Berman, founder of Gorilla Trades, said in a note. “The Chinese delegation is scheduled to leave Washington tomorrow, so another day of volatile swings might be ahead.”
If no progress is made in bilateral trade negotiations this week, the U.S. president has said tariffs on Chinese imports will increase on October 15.
The U.S.-China trade war has dragged on for more than a year. In that time, the U.S. has targeted billions of dollars worth of Chinese goods with tariffs.
China has retaliated with levies of its own, sparking fears of slower economic growth and weaker corporate earnings expansion.
On the data front, import prices for September will be released at around 8:30 a.m. ET, with consumer sentiment figures for October set to follow slightly later in the session.
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