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.

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

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

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.

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.

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.

President Donald Trump’s trade deals are illegal, Piper Sandler flatly declares in a new research note. The investment bank analyzed ongoing court battles and legislative authority, and concluded that Trump’s reliance on the International Emergency Economic Powers Act (IEEPA) to impose wide-ranging tariffs and cut bilateral deals far exceeds the powers granted by Congress.