(CNN) President Donald Trump expressed optimism on a trade deal with China, after meeting with Chinese Vice Premier Liu He in the Oval Office on Friday afternoon.

"I think we both feel there's a very good chance the deal will happen," Trump said, adding that the group of negotiators has "been making a lot of progress."

Trump said he plans to meet with President Xi Jinping to work out the final details of a deal "fairly soon," and those conversations are likely to take place at Mar-a-Lago next month.

Treasury Secretary Steven Mnuchin noted that Liu He and his team had agreed to extend their trip for an additional two days as negotiations continue ahead of the March 1 deadline.

The vice premier expressed similar optimism, saying through a translator, "We believe that it is very likely that it will happen and we hope that ... we'll have a deal. ... The Chinese side is ready to make our ultimate effort."

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