It's all coming down to President Donald Trump and the China trade war if the market can close out the year with gains, according to Wall Street strategists and investors.

Trump has been repeatedly touting stock gains and blaming sell-offs on the Federal Reserve and his impeachment inquiry. But some Wall Street analysts say any losses from now on will be on him after the central bank pulled off a complete 180, cutting rates three straight times this year.

"The Fed has put the ball firmly in President Trump's court," Matthew Maley, chief market strategist at Miller Tabak, said in a note Thursday. "They've cut interest rates THREE times … and they've begun a QE program (even though they say it's a non-QE program). What more could Mr. Trump ask for?"

The central bank has slashed interest rates by a total of 75 basis points this year, after hiking the borrowing cost four times in 2018. The rate increase in December was seen as the culprit for a steep market sell-off, but an easier monetary policy this year has provided the economy with some cushion against the damage from Trump's trade war with China.

"Trump's trade policy has definitely softened the U.S. economy and the Fed responds with three cuts and says it's back in Trump's court, therefore everyone is looking at what happens now with this trade deal," Peter Boockvar, chief investment officer at Bleakley Advisory Group, said in an interview.

"The Fed gave the market what it expected and they are not going to give them anything more anytime soon. It's all about China," Boockvar said.