The US officials and their Chinese counterparts meet for talks on Thursday and Friday.
"The last two days in Beijing made progress but not enough to seal a final deal".
But global stocks rose after Trump's hint of a deadline extension.
Trump has said he did not expect to meet with Xi prior to March 1, but White House Press Secretary Sarah Sanders has raised the possibility of a meeting between the leaders at the president's personal retreat at Mar-a-Lago in Florida. But business groups and foreign governments point to rules they say compel companies to disclose trade secrets or share technology with state-owned local partners.
The price of copper declined for a fifth day in a row on Thursday despite trade data showing Chinese imports of the orange metal growing at a record-setting pace.
China proposed in the talks this week to increase purchases of USA semiconductors to $200 billion over six years as part of a deal to ease American tariffs, a person briefed on the talks told Reuters.
"China will continue resisting USA demands in certain areas, such as changes to its industrial strategy and the role of the state in its economy", said Eswar Prasad, a Cornell University economist who was head of the China division at the International Monetary Fund.More news: Man Arrested in Kidnapping Death of NY Woman
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While Trump told reporters in the Oval Office on Wednesday that preliminary talks in Beijing were 'going along very well.
Chinese President Xi Jinping also plans to meet with the United States officials in Beijing this week bolstering hopes for the talks and world markets, reports the South China Morning Post.
Chinese officials reject complaints that foreign companies are required to hand over technology.
"One possible explanation for January's upbeat export data could be some re-arrangement of regional supply chains on the back of the ongoing China-US trade dispute", said Betty Wang, an economist at ANZ bank.
A US delegation, including Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer, arrived in Beijing this week for the latest round of closed-door trade talks.
Both Pence and U.S. Secretary of State Mike Pompeo warned allies in Poland and other Central European countries this week on the dangers of closer ties with Beijing and collaboration with Chinese firms.
Even if negotiators produce an agreement, it run might into opposition from within the Trump administration, Prasad said. Trump said last week they plan to meet, but not before the March 1 deadline.
A Ministry of Commerce spokesperson, Gao Feng, told reporters at a regular weekly briefing that he had no details on the status of the talks. "It would be a awful cost for American consumers and a bad hit to the global economy".