The highly anticipated call between President Trump and his Chinese counterpart Xi Jinping is underway, with the fate of TikTok and potentially the trade relationship between the world's two largest economies in the balance.

Trump this week set lofty expectations for the call, which began at 8 am E.T. on Friday.

He described a deal over TikTok as all but completed in multiple comments on Thursday, adding that he is looking to make progress on broader issues like tariffs.

The president spoke about negotiations around the social media app during an appearance in the UK in the past tense — even as some issues remain publicly unresolved — as he promised that the final company will be controlled by "all American investors."

"My relationship with China is very good," he added in a Fox News Interview. "And it sounds like they have approved TikTok."

The president then added that he is also looking to discuss an array of issues with his Chinese counterpart — from Russian oil purchases to tariffs — saying "we're very close to deals on all of it."

The highly anticipated call between the leaders of the world's two largest economies is set for Friday, reportedly at 9 a.m. ET.

Chinese state media confirmed a TikTok framework deal had been reached but offered a somewhat different summary. It said, among other things, that there was a "consensus reached by both parties, for the continued operation of Chinese enterprises, including TikTok, in the United States."

The core question surrounds how the Chinese-controlled algorithm that has long powered TikTok will continue to be used if the app is spun off into a separate US-led company.

Trump offered little insight on Thursday, saying, "TikTok has tremendous value". Rather than let it go to waste, he added, "I'd rather reap the benefits."

Reports of the deal have suggested that a consortium led by tech giant Oracle (ORCL), venture capital firm Andreessen Horowitz, and private equity firm Silver Lake Management will spearhead the attempt to keep TikTok operational in the US.

Trump sounded very confident on Thursday, adding that he expected to address a range of other issues Friday and that a partial tariff detente could be extended.

"We may do an extension with China, but it's an extension based on the same terms that we have right now, which are pretty good terms," he said.

Current duties between the two nations are 30% on Chinese imports and 10% on US goods. Sector-specific tariffs on goods like steel and some medical supplies are currently pushing the effective tariff rate between the two countries higher.

If a current 90-day pause is allowed to expire in early November, it could mean a return to triple-digit tariffs that were briefly in place at the beginning of Trump's term.

Read more: What Trump's tariffs mean for the economy and your wallet

Friday's call will be the first reported conversation between the two men since June. It comes after a meeting in Spain earlier this week among their aides that focused on both tariffs and TikTok.

That meeting ended with Trump aides promising that a framework for a TikTok deal had been reached, but adding that it has to be finalized in Friday's call.

Chinese actions around chipmaker Nvidia (NVDA) could also be a topic on Friday. Trump crossed paths with CEO Jensen Huang in the UK on Thursday: He jokingly said that AI is "taking over the world" and pointedly looked at the CEO, who was in the audience.

China's authorities contend that Nvidia has violated anti-monopoly laws, which has raised questions about the chipmaker's plans to begin new chip sales in the country.

The White House has announced plans to allow Nvidia to ship certain chips to China in return for a 15% stake in sales.

Ben Werschkul is a Washington correspondent for Yahoo Finance.

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