"I think we are making a lot of progress," Trump said, adding that he had "a very good chance to make a deal."
Liu reiterated Trump's perspective, saying the trade deal was "very likely" from China's point of view.
Markets, which initially cost their profits from Trump's remarks after meeting Liu, are quickly recovering as both sides of the ongoing trade talks have shown that the trade deal is on the horizon.
US Sales Representative Robert Lahtizer, who also attended the Oval Cabinet meeting, said the talks had moved forward but noted that "a few very big obstacles remain."
Trump also said he would be ready to extend the deadline set before March 1
Toward the end of the press conference, Trump and Lightheep publicly argued what to call the agreement being negotiated. Traditionally, bilateral trade agreements between nations have been signed with Memoranda of Understanding or Memoranda of Understanding, not with legally binding treaties, given the diversity of legal systems around the world.
"The MoU is a treaty, as trade agreements are generally used," Lighthizer said in response to a reporter's question of whether the Memorandum of Understanding currently being chastened between the US and China will be short or long term
"I do not agree," Trump said, "I think a memorandum of understanding is not a contract to the extent that we want … For me, the final contract is really something, Bob. For me, the Memoranda of Understanding mean nothing. "
Instead of openly disagreeing with the president in public, Lightheizer simply agreed to call the same deal under a different name
" We are no longer using the term "Memorandum of Understanding" "
While the two parties are far from agreeing on their disputes about forced transfers of technology and what the United States is saying is theft of the deal, we will have the same agreement, but it will be known as a trade agreement. China on their intellectual property, sources confirmed to CNBC on Friday that China has committed to buy $ 1.2 trillion in US goods