U.S. government debt yields fell on Friday as investors weighed the details of a partial trade agreement between the U.S. and China.
China and the U.S. have reached an agreement on text of a phase one trade deal and will now move toward signing a deal as quickly as possible, Chinese officials said Friday.
The Office of the United States Trade Representative confirmed that the U.S. will be maintaining 25% tariffs on approximately $250 billion of Chinese imports, along with 7.5% tariffs on approximately $120 billion of Chinese imports.
Washington and Beijing have imposed tariffs on billions of dollars' worth of one another's goods since the start of 2018, battering financial markets and souring business and consumer sentiment.
Market participants are also likely to monitor a speech from New York Fed President John Williams on Friday. The U.S. central bank policymaker is expected to comment on monetary policy, shortly after the Fed decided to keep interest rates unchanged.
There are no major U.S. Treasury auctions scheduled on Friday.
— CNBC's Fred Imbert contributed to this report.