Asian markets mostly rose but investor caution returned as the optimism fanned by Donald Trump's much-vaunted <a href="https://www.wionews.com/world/us-president-donald-trump-announces-partial-trade-deal-with-china-255358">China trade deal</a> wore off, while the pound was boosted by a report saying a <a href="https://www.wionews.com/world/brexit-on-october-31-a-priority-for-british-government-queen-255851">Brexit </a>deal was taking shape.

While Friday's mini agreement between the world's economic superpowers put off fresh tariffs and saw them reach common ground on some issues, observers pointed out it was light on detail and left other major levies in place.

And, despite Trump's insistence that the "phase one" agreement was "the greatest and biggest deal", Beijing said it wanted to hold more talks and called for a delay in more tariffs before it would sign.

Equity traders, who have been under pressure from the trade war as well as the slowing global economy and worries about Brexit among others, seized on the news and sent regional markets surging Monday.

But they struggled to build on that as questions swirled over the value of the deal.

"It has taken precisely one working day of the new week for optimism to fade about the US-China trade deal lite/mini/part one," said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA.

"The rhetoric-high, but detail-light trade announcement in Washington DC on Friday has been tempered by China being both a lot more circumspect and requesting additional talks before signing an agreement."

He said that while he expected the two to hammer out something for Trump and counterpart Xi Jinping to sign before they are due to meet next month, "the pseudo-deal itself represents nothing more than a holding action".

"Everyone's a winner, but everything stays the same, as no progress on the hard stuff has occurred in reality."

Still, US Treasury Secretary Steven Mnuchin said on Monday that officials would hold further talks by phone this week and next to finalise the deal, while he also defended it on CNBC.

"There is a fundamental agreement in principle," he said. "There are still some issues that need to be worked out in wording but I would say we have every expectation that phase one will close.

In early trade, Hong Kong and Sydney were each down 0.1 percent, and Shanghai slipped 0.6 percent.

Manila and Jakarta also fell but Tokyo jumped 1.7 percent by lunch as dealers returned from a long weekend to play catch-up with the rest of Asia.

Singapore, Seoul and Wellington were all 0.2 percent higher while Taipei added 0.4 percent.

On currency markets, the pound rebounded after Britain's Daily Telegraph said a divorce deal was taking shape,<a href="https://www.wionews.com/world/eu-and-uk-bid-to-save-brexit-talks-before-key-summit-255299"> EU and British negotiators </a>hailing a positive day of talks on the Northern Ireland issue.

The paper quoted unnamed sources as saying there was "cautious optimism", while the BBC said the EU is considering holding an emergency summit to push through a possible deal. It said there was not enough time to get anything done before a summit set for this week.

The reports will come as welcome news after European officials played down the chances of an agreement that had been aired by British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar last week.

Sterling was up against the dollar and euro on Tuesday, with David Kelly at JP Morgan Asset Management saying the Johnson-Varadkar talks had sparked a "whirlwind of diplomacy between the British government and the Europeans to try to come up with an agreement this week".

He added in a note: "While it is by no means certain that the UK and Europe can agree to a deal or that such a deal can make it through the UK parliament, there does appear to be recognition from the British side that any Brexit deal will have to treat Northern Ireland very differently from the rest of the UK.

"In the multiple permutations of Brexit endgames, this has reduced the risk of a damaging 'no deal' Brexit."

Asian markets mostly rose but investor caution returned as the optimism fanned by Donald Trump's much-vaunted China trade deal wore off, while the pound was boosted by a report saying a Brexit deal was taking shape.

Asian markets mostly rose but investor caution returned as the optimism fanned by Donald Trump's much-vaunted China trade deal wore off, while the pound was boosted by a report saying a Brexit deal was taking shape. While Friday's mini agreement between the world's economic superpowers put off fresh tariffs and saw them reach common ground on some issues, observers pointed out it was light on detail and left other major levies in place. And, despite Trump's insistence that the "phase one" agreement was "the greatest and biggest deal", Beijing said it wanted to hold more talks and called for a delay in more tariffs before it would sign. Equity traders, who have been under pressure from the trade war as well as the slowing global economy and worries about Brexit among others, seized on the news and sent regional markets surging Monday. But they struggled to build on that as questions swirled over the value of the deal. "It has taken precisely one working day of the new week for optimism to fade about the US-China trade deal lite/mini/part one," said Jeffrey Halley, senior market analyst for Asia-Pacific at OANDA. "The rhetoric-high, but detail-light trade announcement in Washington DC on Friday has been tempered by China being both a lot more circumspect and requesting additional talks before signing an agreement." He said that while he expected the two to hammer out something for Trump and counterpart Xi Jinping to sign before they are due to meet next month, "the pseudo-deal itself represents nothing more than a holding action". "Everyone's a winner, but everything stays the same, as no progress on the hard stuff has occurred in reality." Still, US Treasury Secretary Steven Mnuchin said on Monday that officials would hold further talks by phone this week and next to finalise the deal, while he also defended it on CNBC. "There is a fundamental agreement in principle," he said. "There are still some issues that need to be worked out in wording but I would say we have every expectation that phase one will close. In early trade, Hong Kong and Sydney were each down 0.1 percent, and Shanghai slipped 0.6 percent. Manila and Jakarta also fell but Tokyo jumped 1.7 percent by lunch as dealers returned from a long weekend to play catch-up with the rest of Asia. Singapore, Seoul and Wellington were all 0.2 percent higher while Taipei added 0.4 percent. On currency markets, the pound rebounded after Britain's Daily Telegraph said a divorce deal was taking shape, EU and British negotiators hailing a positive day of talks on the Northern Ireland issue. The paper quoted unnamed sources as saying there was "cautious optimism", while the BBC said the EU is considering holding an emergency summit to push through a possible deal. It said there was not enough time to get anything done before a summit set for this week. The reports will come as welcome news after European officials played down the chances of an agreement that had been aired by British Prime Minister Boris Johnson and his Irish counterpart Leo Varadkar last week. Sterling was up against the dollar and euro on Tuesday, with David Kelly at JP Morgan Asset Management saying the Johnson-Varadkar talks had sparked a "whirlwind of diplomacy between the British government and the Europeans to try to come up with an agreement this week". He added in a note: "While it is by no means certain that the UK and Europe can agree to a deal or that such a deal can make it through the UK parliament, there does appear to be recognition from the British side that any Brexit deal will have to treat Northern Ireland very differently from the rest of the UK. "In the multiple permutations of Brexit endgames, this has reduced the risk of a damaging 'no deal' Brexit."

Asian markets edge up but caution keeps traders in check

Global&nbsp;shares ticked&nbsp;up&nbsp;on Tuesday after US&nbsp;Treasury Secretary Steven Mnuchin said that <a href="https://www.wionews.com/world/us-wants-to-make-meaningful-progress-in-china-trade-talks-249287">US-China&nbsp;trade&nbsp;talks</a> will resume next month, but lingering concerns about slowing&nbsp;global&nbsp;growth tempered the overall appetite for riskier assets.

MSCI's broadest index of Asia-Pacific shares outside Japan moved&nbsp;up&nbsp;0.06 per cent, supported by 0.4 per cent&nbsp;gains in mainland Chinese shares, while Japan's Nikkei edged&nbsp;up&nbsp;0.20 per cent&nbsp;after a market holiday on Monday.

U.S. stock futures gained 0.39 per cent, helped by comments from US&nbsp;Treasury Secretary Steven Mnuchin that US-China&nbsp;trade&nbsp;talks will resume next week. He later clarified that the negotiations will take place in two weeks.

"The comments gave a little bit of boost to sentiment, but markets are still not that optimistic either," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

"It seems there has been a lot going on behind the scenes," he said, referring to unusual exchanges in which US&nbsp;President Donald Trump questioned a decision by his top&nbsp;trade&nbsp;negotiators to ask Chinese officials to delay a planned trip to U.S. farming regions.

That cancellation was seen by markets as a sign of fallout&nbsp;in the <a href="https://www.wionews.com/world/trade-talks-seen-as-unlikely-to-mend-us-china-divide-250119">US-China talks</a> and sent&nbsp;share prices lower on Friday.

The dispute between the world's two largest economies has dragged on for well over a year, rattling investors and denting&nbsp;global&nbsp;growth.

Concerns over a slowing&nbsp;global&nbsp;economy remained front and centre for financial markets, as poor business activity readings from the eurozone deepened fears of a recession and suggested more stimulus was required.

"While the Nikkei was fairly well supported, we need more catalysts to further rises. That's also true for U.S. markets as well," said Takeo Kamai, Head of Execution Service at CLSA.

"While speculators have reacted to the&nbsp;trade-related headlines, real-money people appear to be staying on the sideline", Kamai added.

The euro wobbled at $1.0991, falling below key support around $1.10 and not far from a 28-month low of $1.0926 touched earlier this month.

Sterling also slipped to $1.2435, having peaked at a two-month high of $1.2582 set on Friday as&nbsp;traders looked to a Supreme Court ruling on whether Prime Minister Boris Johnson misled Queen Elizabeth over his reasons for suspending parliament this month.

The Supreme Court said that it will issue its decision at 0930 GMT on Tuesday.

The collapse of the British travel firm Thomas Cook could also put some pressure on the Pound by highlighting the weakness of British retailing.

The Y<a href="https://www.wionews.com/business-economy/asian-markets-slip-amidst-us-china-trade-war-251380">en</a>&nbsp;traded at 107.57 Yen per Dollar, having hit two-week highs of 107.32 on Monday.

US&nbsp;Treasuries yields extended their decline, with the 10-year rate falling to 1.716 per cent, edging down further from 1.908 per cent&nbsp;marked on September&nbsp;13.

Oil prices dipped slightly but were still supported by doubts on whether Saudi Arabia would be able to restore full output as it has promised after the September&nbsp;14 attacks on its facilities.

Brent crude futures fell 0.42 per cent&nbsp;to $64.50 a barrel while U.S. West Texas Intermediate (WTI) crude lost 0.34 per cent&nbsp;to $58.44 per barrel.

Global shares ticked up on Tuesday after US Treasury Secretary Steven Mnuchin said that US-China trade talks will resume next month, but lingering concerns about slowing global growth tempered the overall appetite for riskier assets.

Global shares ticked up on Tuesday after US Treasury Secretary Steven Mnuchin said that US-China trade talks will resume next month, but lingering concerns about slowing global growth tempered the overall appetite for riskier assets. MSCI's broadest index of Asia-Pacific shares outside Japan moved up 0.06 per cent, supported by 0.4 per cent gains in mainland Chinese shares, while Japan's Nikkei edged up 0.20 per cent after a market holiday on Monday. U.S. stock futures gained 0.39 per cent, helped by comments from US Treasury Secretary Steven Mnuchin that US-China trade talks will resume next week. He later clarified that the negotiations will take place in two weeks. "The comments gave a little bit of boost to sentiment, but markets are still not that optimistic either," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management. "It seems there has been a lot going on behind the scenes," he said, referring to unusual exchanges in which US President Donald Trump questioned a decision by his top trade negotiators to ask Chinese officials to delay a planned trip to U.S. farming regions. That cancellation was seen by markets as a sign of fallout in the US-China talks and sent share prices lower on Friday. The dispute between the world's two largest economies has dragged on for well over a year, rattling investors and denting global growth. Concerns over a slowing global economy remained front and centre for financial markets, as poor business activity readings from the eurozone deepened fears of a recession and suggested more stimulus was required. "While the Nikkei was fairly well supported, we need more catalysts to further rises. That's also true for U.S. markets as well," said Takeo Kamai, Head of Execution Service at CLSA. "While speculators have reacted to the trade-related headlines, real-money people appear to be staying on the sideline", Kamai added. The euro wobbled at $1.0991, falling below key support around $1.10 and not far from a 28-month low of $1.0926 touched earlier this month. Sterling also slipped to $1.2435, having peaked at a two-month high of $1.2582 set on Friday as traders looked to a Supreme Court ruling on whether Prime Minister Boris Johnson misled Queen Elizabeth over his reasons for suspending parliament this month. The Supreme Court said that it will issue its decision at 0930 GMT on Tuesday. The collapse of the British travel firm Thomas Cook could also put some pressure on the Pound by highlighting the weakness of British retailing. The Yen traded at 107.57 Yen per Dollar, having hit two-week highs of 107.32 on Monday. US Treasuries yields extended their decline, with the 10-year rate falling to 1.716 per cent, edging down further from 1.908 per cent marked on September 13. Oil prices dipped slightly but were still supported by doubts on whether Saudi Arabia would be able to restore full output as it has promised after the September 14 attacks on its facilities. Brent crude futures fell 0.42 per cent to $64.50 a barrel while U.S. West Texas Intermediate (WTI) crude lost 0.34 per cent to $58.44 per barrel.

Global stocks inch up on trade hopes but growth fears temper gains

Most Asian share markets slipped on Monday as investors waited for more clarity on the Sino-US trade talks after recent negotiations, while oil gained more than 1 per cent as Middle East tensions remained elevated.

Analysts said investor sentiment was fragile with civil unrest in Hong Kong, tensions in the Middle East and worries over whether the United States and China would sign a trade deal soon. Moves were further exaggerated by low volumes as Japanese markets were shut for a public holiday.

Chinese shares opened in the negative territory, with the blue-chip index down 1.5 per cent. Hong Kong's Hang Seng index was 0.8 per cent weaker after a weekend of sometimes violent protests that saw pro-democracy activists vandalise a railway station and shopping mall.

South Korea's Kospi was a touch weaker after disappointing trade data while Australian and New Zealand shares bucked the trend and were both about 0.3% higher.

That left MSCI's broadest index of Asia-Pacific shares outside Japan down 0.3 per cent&nbsp;at 509.94 points. It is still up more than 3 per cent&nbsp;so far in September.

"There are real concerns about the impact on economies from the trade dispute," said Michael McCarthy, Sydney-based strategist at CMC Markets. "People are probably getting an idea that this will be a long negotiation. And the longer it lingers the more impact it will have economically", he added.

E-mini futures for US S&amp;P 500 and the Dow, however, climbed nearly 0.4 per cent each.

Over the weekend, the US&nbsp;Trade Representative's office issued a brief statement characterising the two days of talks with China as "productive." It added that a principal-level trade meeting in Washington would take place in October, as previously planned.

China's Commerce Ministry, in a brief statement, described the talks as "constructive", and said they had also had a good discussion on "detailed arrangements" for the high-level talks in October.

Additionally, the United States removed tariffs from more than 400 Chinese products in response to requests from US companies.

Despite the improved tone, markets still remain unconvinced about the possibility of deal soon.

Investors were rattled by news on Friday that Chinese officials unexpectedly cancelled a visit to US&nbsp;farms this week following their two days of negotiations in Washington.

One Shanghai-based analyst at Tebon Securities said the cancellation had hit investor sentiment and could be a major drag on Chinese A-shares in the near-term.

News that five Yemeni civilians were killed in airstrikes by the Saudi-led coalition further soured investor appetite.

Oil Shock

Mideast tensions and worries about oil supplies helped Brent crude futures jump 1 per cent, or 64 cents, to $64.92 a barrel, while U.S. crude futures rose 0.98 per cent, or 57 cents, to $58.66 a barrel.

The Pentagon has ordered additional troops to be deployed in the Gulf region to strengthen Saudi Arabia's air and missile defences following an attack on Saudi oil facilities.

US&nbsp;Secretary of State Mike Pompeo said on Sunday the additional troops are for "deterrence and defence" and Washington aimed to avoid war with Iran.

Markets will closely watch September manufacturing activity surveys due from the United States and European Union later in the day for any signs of a rebound.

Action in currency markets was muted.

The dollar gained 0.14 per cent against the safe-haven Japanese Yen to 107.69 after easing 0.5 per cent last week. The risk-sensitive Australian dollar was up 0.24 per cent&nbsp;at $0.6780.

The euro was a shade higher as was the British pound. That left the dollar index slightly weaker at 98.449.

With risk appetite waning, spot gold pared early losses to be flat at $1,516.39 an ounce.

Most Asian share markets slipped on Monday as investors waited for more clarity on the Sino-US trade talks after recent negotiations, while oil gained more than 1 per cent as Middle East tensions remained elevated.

Most Asian share markets slipped on Monday as investors waited for more clarity on the Sino-US trade talks after recent negotiations, while oil gained more than 1 per cent as Middle East tensions remained elevated. Analysts said investor sentiment was fragile with civil unrest in Hong Kong, tensions in the Middle East and worries over whether the United States and China would sign a trade deal soon. Moves were further exaggerated by low volumes as Japanese markets were shut for a public holiday. Chinese shares opened in the negative territory, with the blue-chip index down 1.5 per cent. Hong Kong's Hang Seng index was 0.8 per cent weaker after a weekend of sometimes violent protests that saw pro-democracy activists vandalise a railway station and shopping mall. South Korea's Kospi was a touch weaker after disappointing trade data while Australian and New Zealand shares bucked the trend and were both about 0.3% higher. That left MSCI's broadest index of Asia-Pacific shares outside Japan down 0.3 per cent at 509.94 points. It is still up more than 3 per cent so far in September. "There are real concerns about the impact on economies from the trade dispute," said Michael McCarthy, Sydney-based strategist at CMC Markets. "People are probably getting an idea that this will be a long negotiation. And the longer it lingers the more impact it will have economically", he added. E-mini futures for US S&P 500 and the Dow, however, climbed nearly 0.4 per cent each. Over the weekend, the US Trade Representative's office issued a brief statement characterising the two days of talks with China as "productive." It added that a principal-level trade meeting in Washington would take place in October, as previously planned. China's Commerce Ministry, in a brief statement, described the talks as "constructive", and said they had also had a good discussion on "detailed arrangements" for the high-level talks in October. Additionally, the United States removed tariffs from more than 400 Chinese products in response to requests from US companies. Despite the improved tone, markets still remain unconvinced about the possibility of deal soon. Investors were rattled by news on Friday that Chinese officials unexpectedly cancelled a visit to US farms this week following their two days of negotiations in Washington. One Shanghai-based analyst at Tebon Securities said the cancellation had hit investor sentiment and could be a major drag on Chinese A-shares in the near-term. News that five Yemeni civilians were killed in airstrikes by the Saudi-led coalition further soured investor appetite. Oil Shock Mideast tensions and worries about oil supplies helped Brent crude futures jump 1 per cent, or 64 cents, to $64.92 a barrel, while U.S. crude futures rose 0.98 per cent, or 57 cents, to $58.66 a barrel. The Pentagon has ordered additional troops to be deployed in the Gulf region to strengthen Saudi Arabia's air and missile defences following an attack on Saudi oil facilities. US Secretary of State Mike Pompeo said on Sunday the additional troops are for "deterrence and defence" and Washington aimed to avoid war with Iran. Markets will closely watch September manufacturing activity surveys due from the United States and European Union later in the day for any signs of a rebound. Action in currency markets was muted. The dollar gained 0.14 per cent against the safe-haven Japanese Yen to 107.69 after easing 0.5 per cent last week. The risk-sensitive Australian dollar was up 0.24 per cent at $0.6780. The euro was a shade higher as was the British pound. That left the dollar index slightly weaker at 98.449. With risk appetite waning, spot gold pared early losses to be flat at $1,516.39 an ounce.

Asian markets slip amidst US-China trade war

The US business community wants to see a trade deal between the United States and China so as to end the trade dispute, said Myron Brilliant, executive vice president and head of the international affairs for the US Chamber of Commerce.

Brilliant said this on Wednesday during an interview on the sidelines of the <a href="https://www.wionews.com/world/us-wants-to-make-meaningful-progress-in-china-trade-talks-249287">US-China</a> CEO's Dialogue running from Tuesday to Wednesday in Beijing.

"The two business communities understand there are no winners when you have a trade war, there are only losers.

China will lose, the United States will lose, and the global economy will lose. So we want to encourage our governments to work closely. I'm hopeful that the two countries and the two leaders understand what's at stake, and now it's a question about getting it done. There has to be a sense of urgency," Brilliant said.

"What we need is for truth, a trade truth between the two sides, calmer waters with the long-term goal of having a high standard comprehensive trade agreement. And we need to see compromise, and we need to see the negotiations on the basis of mutual respect on both sides," he said.

The US-China CEO's Dialogue, which was organized by the China Center for International Economic Exchanges and the US Chamber of Commerce, brought 20 business leaders from both countries together to share their views on the on-going trade dispute between the world's two largest economies. 
&nbsp;

The US business community wants to see a trade deal between the United States and China so as to end the trade dispute, said Myron Brilliant, executive vice president and head of the international affairs for the US Chamber of Commerce.

The US business community wants to see a trade deal between the United States and China so as to end the trade dispute, said Myron Brilliant, executive vice president and head of the international affairs for the US Chamber of Commerce. Brilliant said this on Wednesday during an interview on the sidelines of the US-China CEO's Dialogue running from Tuesday to Wednesday in Beijing. "The two business communities understand there are no winners when you have a trade war, there are only losers. China will lose, the United States will lose, and the global economy will lose. So we want to encourage our governments to work closely. I'm hopeful that the two countries and the two leaders understand what's at stake, and now it's a question about getting it done. There has to be a sense of urgency," Brilliant said. "What we need is for truth, a trade truth between the two sides, calmer waters with the long-term goal of having a high standard comprehensive trade agreement. And we need to see compromise, and we need to see the negotiations on the basis of mutual respect on both sides," he said. The US-China CEO's Dialogue, which was organized by the China Center for International Economic Exchanges and the US Chamber of Commerce, brought 20 business leaders from both countries together to share their views on the on-going trade dispute between the world's two largest economies.

American business community wants trade deal between US, China

US&nbsp;Treasury Secretary Steven Mnuchin said on Saturday he would discuss trade issues with People's Bank of China Governor Yi Gang, but the main progress in the <a href="https://www.wionews.com/world/china-us-tensions-very-negative-influence-on-global-economy-australia-pm-scott-morrison-225234">US-China trade dispute</a> would take place later this month at a meeting between <a href="https://www.wionews.com/world/trump-criticises-nasa-moon-mission-after-promoting-it-earlier-225364">President Donald Trump</a> and Chinese President Xi Jinping.

Mnuchin told reporters on the sidelines of the G20 finance leaders meeting in Japan that the Trump-Xi meeting was the "next important meeting" in the trade dispute.

The Treasury chief likened the meeting, unconfirmed by China, to a Trump-Xi meeting last December in Buenos Aires, which paved the way for five months of negotiations to try to resolve the issue.

Watch: US-China Trade War - Advantage For India?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-us-china-trade-war-advantage-for-india-223999/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Mnuchin said he did not have specific goals for his discussions on Sunday with Yi, a key member of China's trade negotiating team. He said the two finance leaders would discuss economic and finance issues as part of their normal G20 interactions and also discuss trade issues, but no announcement was expected.

"This is not a negotiating meeting," Mnuchin said.

Mnuchin said the United States and China were about 90 percent of the way toward reaching "an historic agreement" before China backtracked on certain commitments. He said that if China wants to resume the negotiations on the basis of the texts prior to an early May breakdown of talks, the US&nbsp;side is ready to engage.

"If we can get the right agreement, that's great. If we can't get the right agreement, we will proceed with tariffs," Mnuchin said.

The Trump administration is taking steps to impose 25% tariffs on the remaining $300 billion worth of Chinese imports so far untouched by the trade war between the world's two largest economies. These tariffs could be ready for activation around the end of June, when the Osaka G20 summit take place.

Mnuchin said that the United States wants free, fair and balanced trade with China, in part to close a gaping US&nbsp;trade deficit with China.

"If we can't have that, the end result will be that my expectation is that many companies will move their production out of China to other locations," due to tariffs, Mnuchin said.

US Treasury Secretary Steven Mnuchin said on Saturday he would discuss trade issues with People's Bank of China Governor Yi Gang, but the main progress in the US-China trade dispute would take place later this month at a meeting between President Donald Trump and Chinese President Xi Jinping.

US Treasury Secretary Steven Mnuchin said on Saturday he would discuss trade issues with People's Bank of China Governor Yi Gang, but the main progress in the US-China trade dispute would take place later this month at a meeting between President Donald Trump and Chinese President Xi Jinping. Mnuchin told reporters on the sidelines of the G20 finance leaders meeting in Japan that the Trump-Xi meeting was the "next important meeting" in the trade dispute. The Treasury chief likened the meeting, unconfirmed by China, to a Trump-Xi meeting last December in Buenos Aires, which paved the way for five months of negotiations to try to resolve the issue. Watch: US-China Trade War - Advantage For India? Mnuchin said he did not have specific goals for his discussions on Sunday with Yi, a key member of China's trade negotiating team. He said the two finance leaders would discuss economic and finance issues as part of their normal G20 interactions and also discuss trade issues, but no announcement was expected. "This is not a negotiating meeting," Mnuchin said. Mnuchin said the United States and China were about 90 percent of the way toward reaching "an historic agreement" before China backtracked on certain commitments. He said that if China wants to resume the negotiations on the basis of the texts prior to an early May breakdown of talks, the US side is ready to engage. "If we can get the right agreement, that's great. If we can't get the right agreement, we will proceed with tariffs," Mnuchin said. The Trump administration is taking steps to impose 25% tariffs on the remaining $300 billion worth of Chinese imports so far untouched by the trade war between the world's two largest economies. These tariffs could be ready for activation around the end of June, when the Osaka G20 summit take place. Mnuchin said that the United States wants free, fair and balanced trade with China, in part to close a gaping US trade deficit with China. "If we can't have that, the end result will be that my expectation is that many companies will move their production out of China to other locations," due to tariffs, Mnuchin said.

Main progress on US-China trade to be at Trump-Xi summit: US Treasury Secretary Steven Mnuchin

By raising tariffs on Chinese products, the United States will harm the interests of its businesses and consumers in the long term, according to Chinese economic experts at a seminar on China-US trade in Beijing on Sunday.

US raising tariffs will harm American businesses, consumers: Chinese experts