According to reports, the deal will focus on steel and automobiles, whose imports Trump has hit with a 25% tariff.

Global stock markets were up—along with the dollar—with sentiment further buoyed by the prospect that the Trump administration will announce a trade-deal framework with the U.K.

U.S. stock futures rose late on Tuesday after it was announced that Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer would meet with China's top economic official later this week in Switzerland.