Trump has recently announced preliminary trade deals with Japan and other countries, and many of his paused "reciprocal" tariffs are set to resume next month.

Japan's $550 billion investment package agreed in this week's U.S. tariff deal could help finance a Taiwanese firm building semiconductor plants in the U.S., Japan's top trade negotiator Ryosei Akazawa said on Saturday.

European Commission President Ursula von der Leyen is set to meet with President Donald Trump this weekend in Scotland to discuss trade.

Among the strongest performers, Thermo Fisher Scientific rose 12%, topping the leaderboard for large-cap stocks, followed by T-Mobile US, up 9%.

The agreements have been overshadowed by U.S. firms' warnings that the tariffs will affect their bottom lines and prolong uncertainty in the economy.

Investors are hopeful a potential trade deal between the U.S. and European Union could bring more certainty to markets ahead of next Friday's tariffs deadline.

Nearly every member of the European Union supports a plan to hit back against President Trump’s tariffs if no agreement is reached.

With the Trump administration setting 15% as a floor for tariffs, companies and economists are warning of higher prices later this year.

WASHINGTON (Reuters) -U.S. President Donald Trump on Friday said there was a 50-50 chance that the United States would reach a trade agreement with the European Union. Trump spoke to reporters as he left the White House to head to Scotland for several days of golfing and bilateral meetings.

The White House factsheet on the trade deal mentions that Japan will also buy 100 Boeing Co. planes as well as US defense equipment worth additional billions of dollars annually. Akazawa said both these pledges were based on existing plans by Japanese airlines and the government, respectively.

President Trump has threatened to impose a 30% tariff on imports from the European Union's 27 member countries if no trade deal is reached by Aug. 1.

Pakistani Foreign Minister Ishaq Dar said his country was "very close" to a trade deal with the U.S., but officials in Washington did not mention any timeline.