The US-China trade war threatens to heat up again in case US President Donald Trump goes ahead with his next round of tariff hikes on Chinese imports worth around $156 billion on December 15 as previously planned. With no updates yet on when both sides would sign the phase one trade deal, the possibility of these tariffs looms on markets.

Senior trade officials are expected to hold meetings with Trump on the issue in the coming days but time’s running out, keeping uncertainty in markets high about whether trade tensions will worsen. According to a Reuters report, the US government is yet to take a final call either way on the December 15 tariffs.

The report indicates that if the US implements these latest tariffs, US-China trade negotiations could come to a halt, at least until the 2020 Presidential elections. In addition, the latest tariff hikes will affect several consumer goods imported from China right in the holiday season, a cause for concern for American businesses and consumers as well.