Sources also confirmed to CNBC that China has committed to buying up to $1.2 trillion in U.S. goods, though the two sides remain far apart on issues concerning the forced transfer of intellectual property.

The summit would be at Trump's Mar-a-Lago golf club in Palm Beach, Florida.

Representatives for the two nations resumed overall trade discussions on Tuesday, and follow-up sessions at a higher level began Thursday.

Current talks between the two nations are aimed at "achieving needed structural changes in China that affect trade between the United States and China," the White House said in a statement earlier this week. The Trump administration is led by U.S. Trade Representative Robert Lighthizer, a vocal advocate of pressing China to end practices that the U.S. says include intellectual property violations.