US and China resume trade talks ahead of looming deadline

US and Chinese officials will resume trade talks on Thursday all through Friday as the 1 March deadline to reach an agreement moves closer.

In late 2018, Presidents Xi Jinping and Donald Trump reached a truce but the US administration warned that if a trade deal was not reached by March, the current 10% tariffs on Chinese goods would be ramped up to 25%.

US Treasury Secretary Steven Mnuchin said he was “looking forward” to trade talks with China on Thursday, where he and Trade Representative Robert Lighthizer will meet with Chinese Vice Premier Liu He, Xi’s top economic adviser.

The talks come after three days of deputy-level meetings to work out technical details, including a mechanism for enforcing any trade agreement.

Nevertheless, the Trump administration said the 1 March deadline was just a reference and the tariff hike could be delayed but preferred not to do so. According to Bloomberg Trump might be considering pushing the date back another 60 days.