U.S. stock index futures were subdued on Friday after a rally in the previous session, when a new trade agreement between the United States and Britain had fueled expectations of more such deals to ease the sting of the global trade war.

Global stock markets were up—along with the dollar—with sentiment further buoyed by the prospect that the Trump administration will announce a trade-deal framework with the U.K.

Hi, this is John Liu in Beijing — where seven years ago this month, I was staking out the lobby of Chaoyang Westin Hotel before dawn, waiting to fire questions at Trump administration officials as they prepared to kick off the first round of US-China trade talks.