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.

President Donald Trump is set to meet with his top economic advisers Wednesday as his administration looks to lock down a trade deal with China. NewsNation’s Tom Dempsey breaks down what’s expected.

US President Donald Trump is set to make the final call on maintaining a tariff truce with China before it expires in two weeks, an extension that would mark a continued stabilization in ties between the world’s two biggest economies.

However, both sides agreed to reduced tariffs in May, after their first trade meeting in Geneva, Switzerland. The truce was agreed to last till Aug. 12. China currently faces a 30% combined tariff rate, while the U.S. is looking at 10% duties.

The clock is ticking closer to President Trump’s latest tariff deadline of Aug 1. And while several more deals have been reached, talks with many countries are still in flux.

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,