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.

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

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.

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.

The United States may not reach a negotiated trade deal with Canada, U.S. President Donald Trump said on Friday, suggesting his administration could set a tariff rate unilaterally.

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.

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.