Top trade officials from both sides will meet on Saturday in the first high-level meeting since US President Donald Trump hit China with tariffs in January. Beijing retaliated immediately and a tense stand-off ensued as the two countries heaped levies on each other.

SINGAPORE (Reuters) -The dollar headed for a weekly gain on most major peers on Friday as a U.S.-UK trade deal raised hopes of progress in looming U.S.-China talks, while bets of imminent U.S. rate cuts receded after the Federal Reserve indicated it was in no hurry.

The president said reducing tariffs to 80 percent from the current 145 percent “sounds right,” as U.S. and Chinese negotiators prepare to meet in Switzerland.