In a report, the U.N. Conference on Trade and Development (UNCTAD) examined the repercussions of the tariff tit-for-tat already under way between the two trade giants, as well as the expected impact of a significant tariff hike scheduled to take effect on March 1.
"We'll see what progress is made next week", responded Mnuchin when asked Wednesday about that.
The oilseed saga is also an example of why some believe Trump's transactional approach to trade talks is unwinding years of careful us diplomacy.
The president hiked tariffs on $250 billion of Chinese goods over complaints that it steals or pressures US companies to hand over technology in return for market access.
Smaller and poorer countries would struggle to cope with the external shocks, she said and added that the higher cost of the US-China trade would prompt companies to shift away from current east Asian supply chains. I blame our leaders and representatives for allowing this travesty to happen'.
US President Donald Trump has placed tariffs on almost half of all goods that are imported from China as he tries to force Beijing to change what he claims are unfair trade practices, including the forced sharing of technology.
His affirmation that he's going to Asia, immediately sparked speculation that he'll also be making a stop in Beijing. But according to Mnuchin, the two sides haven't scheduled a meeting between Trump and Xi.
Ahead of the third round of negotiations next week, Senate Democrats sent a letter to Mnuchin last Friday urging him to keep the pressure on China and not back down on key structural issues in order to broker a deal.
Trump said he would be willing to meet with Xi to try seal a comprehensive trade deal, but Lighthizer said Trump would decide on the meeting based on progress in the talks. "I can tell you one thing about this president". Wherever he is he calls me, so we're not anxious about where he is at the end of the month'.
The Chinese side agreed last week at a meeting with representatives of the United States in Washington to include issues related to hacker attacks on USA companies in the list of topics for discussion at the trade negotiations, The Wall Street Journal reported citing a source at the U.S. presidential administration. Right now the intent is that we meet this deadline.
A critical part of any deal, they say, would be a mechanism to verify and enforce China's follow-through on any commitments it makes. Mr Lighthizer had said after concluding a round of US-China talks last week that he and Mnuchin would be leading a team to Beijing early this month for more negotiations, but the timing was uncertain. He's involved in these issues.
On the heels of President Trump's State of the Union address, a new round of trade talks has been announced for next week in Beijing.