Mr. Trump said the deal would result in an additional $40 billion to $50 billion in farm purchases by China. In return, Washington called off the tariff hikes on Chinese goods scheduled for next week.
The United States and China managed to reach a partial agreement which might serve as groundwork for a "broader deal" between the two countries.
The president said a currency agreement may also be in the works.
China's top trade negotiator, Vice Premier Liu He, said on Thursday that China is willing to reach agreement with the United States on matters that both sides care about so as to prevent friction from leading to any further escalation.
A White House spokesman declined to comment.
Dow futures fell by 300 points nearly immediately, with futures on the S&P and the Nasdaq Composite each taking a 1 percent hit.
Boeing and Porsche team up to develop flying vehicle
Their collaboration will also look into urban air mobility as a whole and won't just focus on the development of a vehicle. The model also has a sleek fuselage with wraparound windows and a rear end that features vehicle-like 'exhaust tips'.
The resumed trade talks that began on October 10, came days after the US Department of Commerce blacklisted 28 Chinese companies and both countries implemented reciprocal visa bans.
Sentiment was buoyed by the start of trade talks Thursday and U.S. President Donald Trump's plan to meet Beijing's envoy Friday. Trump tweeted Thursday morning.
But Clete Willems, a former Trump trade advisor, said Wednesday a partial deal could be the president's best move.
China's securities regulator on Friday also unveiled a firm timetable for scrapping foreign ownership limits in futures, securities and mutual fund companies for the first time.
Risk assets are jumping on the headline above but I think the algos are a bit too quick to jump the gun here.
Despite low expectations going into the first face-to-face high-level negotiations since July, hopes rose that a limited trade deal could be agreed upon after Thursday first day of meetings.
"The tweet.is giving market participants a reason to believe that perhaps a trade deal or at least a partial trade deal might be announced as early as tomorrow", said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in NY.
Tsitsipas downs Djokovic in Shanghai, qualifies for ATP Finals
In the decider, the Greek broke at the third breakpoint in the fourth game to go up by 3-1, before finally sealed the victory 6-3. Matteo Berrettini made it two Italians into the quarterfinals with a 7-6 (5) 6-4 victory over Roberto Bautista Agut.
"In my opinion, China wants to make a deal more than I do", Trump added.
Beijing has been reluctant to make the kind of substantive policy reforms that would satisfy the administration.
"Because the Chinese Communist Party is not interested in a comprehensive deal".
Washington accuses China of attempting to dominate global industry through massive state intervention in markets, theft of intellectual property, hacking and subsidies, accusations shared by Europe and Japan.
Still, the S&P 500 and Dow Jones indexes were set for their fourth straight weekly fall after taking a hit from the recently announced weak economic data and irritants in the U.S.
Chinese Vice Premier Liu He leaves the trade negotiations.
Germany must crack down on hate crimes, says Merkel
In the video, the man denies the Holocaust happened before launching into a misogynistic, antisemitic and xenophobic rant. German chancellor Angela Merkel joined a vigil held at Berlin's New Synagogue after the attack.