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Treasury Secretary Mnuchin says there are no plans to go to Beijing for trade talks yet

Key Points
  • Mnuchin told CNBC's Ylan Mui on Wednesday that the U.S. has no plans to go to Beijing to resume trade negotiations when entering a hearing before the House Financial Services Committee.
  • China has invited the U.S. delegation to Beijing after the two countries failed to reach a trade agreement in Washington this month.
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Mnuchin: No plans to go to Beijing for trade talks

Treasury Secretary Steven Mnuchin said a resumption of trade talks with China is not on the calendar yet.

Mnuchin told CNBC's Ylan Mui on Wednesday that a trip to Beijing has not been scheduled. Mnuchin made the comments on his way into a hearing before the House Financial Services Committee.

China has invited the U.S. delegation to Beijing after the two countries failed to reach a trade agreement in Washington this month.

"I'm still hopeful that we can get back to the table. The two presidents will most likely see each other at the end of June," Mnuchin said during the hearing. The two leaders are set to meet at the G-20 summit in Japan next month.

President Donald Trump followed through with his threat to increase tariffs on $200 billion in Chinese goods from 10% to 25%. China immediately responded by upping the tariffs on $60 billion of U.S. goods to as high as 25%.

The trade tensions further intensified this week as the U.S. blacklisted Huawei and effectively halted its ability to buy American-made parts and components. China on Wednesday threatened to cut more economic ties with the U.S. in the wake of the new tariffs and Huawei ban.

The talks between the U.S. and China appeared to have stalled as it is unclear what the two sides would negotiate, CNBC previously reported. Trump said recently he has not "made that decision yet" on whether to put tariffs on another $325 billion in Chinese goods.