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

U.S. stock index futures rose on Thursday over optimism that the Trump administration was on the cusp of a breakthrough on trade policy, while chip stocks gained after news that a plan for fewer export curbs was in the offing.

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.