The announcement of a U.S. trade deal with China is "possible" by next Friday, sources told CNBC on Wednesday.

A U.S. delegation met with Chinese negotiators in Beijing on Wednesday as the world's two largest economies try to hammer out details of an agreement. Chinese Vice Premier Liu He will travel to Washington for talks next week.

Washington and Beijing have pushed to resolve a trade dispute that led to a series of tariffs and raised fears about spiraling economic damage. While both sides have repeatedly touted progress in the talks, disputes such as whether to immediately remove existing tariffs or keep them in place as an enforcement measure to stop practices such as intellectual property theft have derailed a final deal. President Donald Trump also wants China to buy more U.S. goods to reduce the trade deficit between the countries.

On Wednesday, the White House said the latest talks moved Washington and Beijing closer to an agreement. In a statement, White House press secretary Sarah Huckabee Sanders said, "Discussions remain focused toward making substantial progress on important structural issues and rebalancing the US-China trade relationship."