U.S. President Donald Trump said on Thursday he expects there to be substantive negotiations between the United States and China on trade this weekend and said tariffs couldn't get higher than 145 percent.

Oil prices rose around 3% on Thursday, buoyed by hopes of a breakthrough in looming trade talks between the U.S. and China, the world's two largest oil consumers. Brent crude futures settled up $1.72,

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.

Chinese leader Xi Jinping and Russian President Vladimir Putin signed a joint statement “further deepening” their partnership following talks in Moscow Thursday – a show of solidarity in the face of global uncertainties unleashed by US President Donald Trump’s “America First” diplomacy.

The Trump administration has said it wants to pull apart Russia and China, but the two countries need each other too much.

China’s central bank has cut a key interest rate as U.S. tariffs threaten the economy. People’s Bank of China Governor Pan Gongsheng announced Wednesday that the lending rate to commercial banks would be reduced by 0.

China will cut its key policy rate by 10 basis points and lower the reserve requirement ratio by 50 basis points.