"We're getting into the final laps", Mnuchin told The New York Times news outlet on Sunday.
According to the treasury secretary, both countries were eager to reach an agreement and the talks were reaching a point where they could either produce a deal or end with no agreement.
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Mnuchin, however, declined to predict whether the negotiations would be wrapped up by the end of June, nor whether US President Donald Trump would impose more tariffs on China in the case if trade talks broke down without a deal.
Beijing and Washington, major trade partners, have been engaged in a trade dispute since last June when Trump announced the United States would subject $50 billion worth of Chinese goods to 25 percent tariffs in a bid to fix the over $400 billion US-Chinese trade deficit. Since then, the two countries have exchanged several rounds of trade tariffs.