Another person near the calls confirmed that a partial agreement had been reached.
Trump has announced that he will impose a 15 percent tariff on December 15 on almost all remaining Chinese imports including consumer goods such as laptops, smartphones, footwear and clothing – unless a deal can be reached with Beijing.
He added that there may be a backlash of Trump's duties imposed on September 1, but that discussions may wait until the next round.
But scissors are not optimistic that the US businesses will get many concessions from Beijing.
"What the United States gets is purchases and more items of nonsense, which aren't too bad for just setting off scheduled tariffs," the Scissors added. All this, of course, is pending the president's mood. Today seems to be another "China Is Great" day, but future conversations are at higher risk. "
Expectations have been high that the two sides could announce a kind of mini-deal that would delay a US tariff increase set for next week.
Mnuchin said US and Chinese officials" have had a productive two day discussions, "but declined to confirm anything about the status of the talks.
" We will meet the president shortly. We will update the president on those, and he will meet with the Vice Presidential Award, "he said Friday afternoon. press release threatening new sanctions against Turkey. "We will make more announcements after we meet with the president."
Liu Friday morning welcomed Lighthizer and Mnuchin warmly outside the USTR building. Trump was also in an uproar Friday and wrote on Twitter: " Good things are happening at the China Trade Talk Meeting . Warmer feelings than in recent times, more like old days. I'll meet the Vice Premier today. Everyone would like to see something significant happen! "
Liu and Trump will meet this afternoon, and it is likely that the details of a possible short-term deal – if reached – will not be announced until after that event.  Trump on Friday also seemed to take a longer-term view and look forward to a day when he could sign a more comprehensive deal – the kind of deal that would require dealers to settle the tougher issues that are at the heart of trade war. That type of agreement – as long as it does not require changes to US law – would not need congressional approval, unlike the new North American trade agreement that the Trump administration negotiated with Canada and Mexico last year.
"One of the great things about the China Agreement is the fact that for various reasons we do not have to go through the very long and politically complex approval process for Congress," Trump tweeted. Once the agreement is fully negotiated, I sign it myself on behalf of our country. Quick and clean! "
The optimism that the two sides are heading toward some kind of partial agreement increased the Asian markets overnight and led US markets to open more than 1 percent above Thursday's close. The Dow Jones Industrial Average jumped 400 points by 1: 30.00, while the broader Standard & Poor's index also climbed 1.5 percent.
An agreement that would at least partially address America's concerns and allow more time for tougher negotiations would help Lighthizer, who turned 72 on Friday, turn his attention to other trade issues, such as ending talks with Democrats about issues that block congressional approval of the US-Mexico and Canada agreement.
In another potential sign of progress, Chinese regulators announced earlier today that foreign finance companies would be able to own their own futures trading companies in China as of next year, China Daily reported.
Beijing also improved the mood for this week's talks by increasing purchases of US agricultural products. China had previously been a top market for US farm exports, but sales have fallen due to Chinese retaliation of tariffs that Trump began introducing in the summer of 2018.
The Agriculture Department reported on Thursday that China bought 2.09 million tons of US soybeans and 130,000 tons US wheat during the week of September 27 through October 3. In total, China purchased a total of 4.79 million tonnes of US soybeans for delivery in the 2019-2020 sales year, up sharply from just 1.08 million at the same time last year.
Beijing has also purchased 142,000 tonnes of pork for delivery in 2019 and 2020, providing some relief to US pork producers who have also been hit hard by the trade war, the USDA said.
However, a partial agreement could carry political risk to Trump if the terms provide an opening for Democrats to accuse him of plunging to Beijing. Of particular concern is Huawei, the Chinese telecommunications giant that is currently subject to US sanctions for national security reasons.
"A China Agreement?" Senate Democratic leader Chuck Schumer wrote on Twitter. " It must not include concessions on Huawei. That is what China wants most, and it will show a tremendous weakness."