Chinese Vice Premier Liu He and US officials resumed talks on Friday in Washington, said White House National Economic Council Director Larry Kudlow.
China is pushing for the tariffs to be removed before it will agree to lift its retaliatory tariffs on U.S. farm products and industrial goods including autos.
Trump said the sticking points included tariffs and intellectual property theft, and the president said he would discuss tariffs with Liu.
"The deal is coming along really well". We've been losing for many years, four, five, $600 billion a year, we're losing.
It comes as part of Trump's meeting with Chinese Vice Premier Liu He at the White house on Thursday.
"It's looking very good".
While brandishing his warm ties with the Chinese leader, Trump reportedly told those attending the fundraiser that he could also play bad cop as well as good cop, and that he "was really hitting him hard about how they have hurt our country".
"I look forward to seeing President Xi". It will be here. We have a great partner in the vice-premier.
"We're going to give them a one-year warning", he said. "But there's a very good chance that we'll have the summit", Trump said. A meeting date between Mr Trump and Mr Xi could be announced as early as Thursday, people familiar with the plans said.
(AP) An Associated Press graphic shows the increasing US-China trade deficit over time and compares with other top USA trade deficits from other counties.
Jeff Bezos' Wife Getting $36B in the Biggest Divorce Settlement Ever
The pair announced the news in simultaneous tweets on Twitter . "I think his influence is dictated by his vision for Amazon", D.A. Bezos now also holds the voting power over all the Amazon voting shares the couple previously owned together.
"We have a ways to go", Mr. Trump told the media, adding: "We are rounding the turn". "I think we're going to get that done". Trump said: "We're getting very close to making a deal". That doesn't mean a deal is made, because it's not, but we're certainly getting a lot closer.
US Trade Robert Lighthizer expressed satisfaction with progress that has been made but qualified that "there are still some major, major issues left".
"I said, 'No, you're president for life, and therefore you're king, '" Trump's recollection continued.
The U.S. president said that he is glad to see that huge progress has been achieved in the economic and trade negotiations, and that he hopes the two sides make further efforts and resolve the remaining issues in a bid to reach a comprehensive and historic agreement as soon as possible.
Trump declined to say what would happen to USA tariffs on $250 billion worth of goods as part of a deal.
It's equally vague on the Chinese side.
Trump is on record saying the administration's tariffs on $250 billion in Chinese goods would stay irrespective of a deal.
China and the USA are working to end a standoff that has shaken financial markets and darkened the outlook for the world economy.
The United States is seeking reforms to Chinese practices that it says result in the theft of US intellectual property and the forced transfer of technology from USA companies to Chinese firms.