Trump says there's a 'very good chance' of a U.S.-China trade deal

President Trump met with Chinese Vice Premier Liu He in the White House Friday, afterwards expressing optimism that Washington and Beijing could reach a trade deal soon.

"I think we both feel there's a very good chance the deal will happen," Trump said, indicating he may extend a March 1 deadline for new U.S. tariffs on Chinese imports if he feels adequate progress is being made. Liu was similarly positive, calling a deal "very likely" and pledging China will "make [its] ultimate effort" for success.

Additional negotiations between Trump and Chinese President Xi Jinping are expected to take place at Trump's Mar-a-Lago resort. "Ultimately, I think the biggest decisions and some even smaller decisions will be made by President Xi and myself. I think President Xi and I will work out the final points," Trump mused Friday. "Perhaps and perhaps not."

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At Trump's direction, the United States has levied new tariffs ranging from 5 to 25 percent on hundreds of billions of dollars in Chinese goods over the last two years. Nevertheless, China's trade surplus with the U.S. in September reached a record monthly high.