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US Treasury Secretary to Hold Trade Talks in China Next Week

FILE - Treasury Secretary Steven Mnuchin testifies before a House Appropriations subcommittee on Capitol Hill in Washington, April 9, 2019..

U.S. Treasury Secretary Steven Mnuchin says he will visit China next week for two days of talks to end the year-long trade war between the world's two largest economies.

Mnuchin said on CNBC Wednesday that he and Chinese officials will discuss "a lot of issues," and he acknowledged later at the White House he doesn't expect that all of them will be resolved.

The White House said in a statement the talks are "aimed at improving the trade relationship" between the two countries and will cover "a range of issues," including the trade deficit and "forced technology transfer."

The upcoming talks will be the first face-to-face meetings since they collapsed in May after President Donald Trump accused China of backpedaling on its commitments.

Trump and Chinese President Xi Jinping agreed in Japan last month to cease further hostile actions while the two superpowers work to revive negotiations.

The two countries have imposed tariffs on $360 billion in two-way trade, and despite the cessation of hostilities, Trump has threatened additional punishing tariffs on Chinese goods.

Mnuchin said he will be accompanied by U.S. Trade Representative Robert Lighthizer when the talks get underway next Tuesday in Shanghai.

Mnuchin said follow-up talks, probably in Washington, likely will be needed before any agreements are reached.

Senior U.S. and Chinese officials have spoken by phone twice in recent weeks in an effort to jumpstart the Shanghai talks.