US President Donald Trump is mulling a 60- day extension of the 1 March deadline for higher tariffs on Chinese imports, according to reports.
Trump is considering an extension to the 1 March deadline for more than doubling tariffs on $200bn (£156bn) of Chinese exports in order to give the two sides more time to come to a deal, Bloomberg reports.
According to the report, Chinese representatives had asked for an extension of 90-days, but that was refused.
US trade representative Robert Lighthizer and treasury secretary Steven Mnuchin are in China for talks with Chinese vice premier Liu He today and tomorrow.
“Looking forward to discussions today,” Mnuchin told reporters as he left his hotel.
There also could be a meeting between Lighthizer and Chinese President Xi Jinping this week, which could affect whether or not the US extends the 1 March deadline.
US tariffs on $200bn worth of Chinese imports are scheduled to jump to 25 percent from 10 percent if the two sides don’t reach a deal by the deadline.
On Wednesday Trump said talks between the two sides were going “very well”.
Oil prices rose on the hope of a breakthrough with a barrel of Brent crude up 1.19 per cent at $64.37 this morning.
The FTSE 100 opened up 17 points this morning at 7,207.