Trump started hiking tariffs on Chinese goods shortly after his return to the White House. China ultimately responded with tariffs of its own. Tensions escalated, with tariff rates hitting the triple digits, before a trade truce in May.

U.S. and Chinese officials agreed to seek an extension of their 90-day tariff truce on Tuesday, following two days of what both sides described as constructive talks in Stockholm aimed at defusing an escalating trade war between the world's two biggest economies that threatens global growth.

U.S. President Donald Trump said on Wednesday that talks were moving along with China and he expected the two sides would reach a fair deal on trade. China is facing an August 12 deadline to reach a durable tariff agreement with Trump's administration,