Trump says during a White House news conference with French President Emmanuel Macron that Mnuchin will be going to China "in a few days to negotiate on trade". In his speech to the IMF's policy committee Saturday, Yi Gang, the head of China's central bank, said that global growth could be hurt by "an escalation of trade frictions caused by unilateral actions", an obvious reference to America's threatened tariffs against China.
Mnuchin has previously discussed the trade tensions between the two countries with Chinese President Xi Jinping's top economic adviser, Liu He.
The Commerce Ministry in Beijing said Sunday that China welcomes a visit from the U.S.to Beijing to discuss trade issues and confirms it has "received information" regarding Washington's interest in such a trip.
The International Monetary Fund and the World Bank both issued warnings that trade disputes could put a healthy global economic expansion in jeopardy. "I think we've got a very good chance of making a deal". Previous year it sold 506 billion dollars in exports to the United States - nearly 20 percent of its exports go to America - while the United States just sold 130 billion dollars to the Chinese.
Trump accuses China of driving up a yawning, US$337 billion trade deficit with the United States through unfair trade practices which he believes undermine the American industrial base and workforce.
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China's Commerce Ministry confirmed is has a visit request pending from the USA, which could potentially indicate a looming breakthrough in the trade stalemate.
But Trump warns without a deal, the USA will likely go ahead with the planned tariffs on about $150 billion worth of Chinese products.
Officials haven't yet provided details on when exactly Mnuchin and others will travel to China or whom they will meet.
However, he said, in order to fully resolve trade frictions, the United States and China would need to ramp up their ongoing dialogue.
Trump has vowed to cut the U.S. trade deficit with China, which stood at $375 billion a year ago.