Trump is preparing to announce plans for a summit with Chinese President Xi Jinping to end the trade war

"There is indeed a lot of progress going on and the possibility of a summit could be organized in the near future," said Myron Brilliant, executive vice president of the American Chamber of Commerce. "Both parties are working hard to conclude the talks as soon as possible."

Trump is scheduled to meet at the Oval Office at 4:30 pm with Chinese Vice Premier Liu He, who heads the Beijing negotiating team.

Brilliant, who spoke with officials involved in the talks, said several issues remained unresolved and that the president should not announce the terms of a final deal on Thursday.

It is unclear whether the United States will cancel some or all of the tariffs the president imposed last year on more than $ 250 billion in Chinese imports. The president spoke of keeping at least some tariffs in place to urge the Chinese government to comply with a possible agreement.

China insists that tariffs be abolished before agreeing to lift its retaliatory rights on US agricultural products and industrial goods, including automobiles.

It is also unclear whether China will accept the Administration's request for an enforcement mechanism to allow the United States to reimpose tariffs if China considers that China is not fulfilling its obligations.

Although Trump has pushed the Chinese leader to go to the United States to sign a trade agreement, it is unlikely that the Chinese leader will do so unless the agreement is 100% complete. If the two leaders decide to negotiate in person on the final details, a venue for a third country is more likely.