If the two sides fail to patch up before March 1, Washington will raise the existing 10 per cent tariffs to 25 per cent on Chinese goods worth $200 billion, taking the spat to the next level.
So the Chinese and the US officials are racing against time to avert such a scenario, which, experts worry, will also have an impact on the global economic growth.
"If we're close to a deal where we think we can make a real deal and it's going to get done, I could see myself letting that slide for a little while. But generally speaking, I'm not inclined to do that," Trump said earlier this week.
The world's two largest economies are locked in arguably the biggest trade war in history with both sides slapping each other's goods with tariffs worth $360 billion.
Trump accuses China of arm-twisting American companies to transfer technology to their Chinese counterparts and ballooning trade deficit.
The bruising trade dispute has hurt the already flagging Chinese economy which grew at 6.5 per cent in the third quarter, the slowest since 2009.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)