All eyes turn to US President Donald Trump today, for his upcoming speech at the Economic Club of New York. Investors and traders are expecting him to give an update on where things stand with regards to the ongoing trade war with China.

According to White House spokesman Judd Deere, Trump is likely to use this opportunity to brag about how his administrative policies have turned things around for the US economy and supported record long economic recovery. Unemployment is at a record low, consumer confidence is soaring while Wall Street has been rallying and touching record highs recently.

But the markets still remain focused on the trade war. Recent optimism in the markets was driven by positive comments about how talks were progressing well as the US and China worked towards drafting the “Phase 1” trade deal which was originally scheduled to be signed in mid-November.

Any positive comments from Trump beyond how negotiations were proceeding well would serve to lift the mood in the markets, which is currently rather mixed. The upbeat sentiment clouded after Trump denied any plans to rollback tariffs on Chinese imports towards the end of the previous week, going against official statements from both nations’ trade teams.