US Treasury Secretary Steven Mnuchin is pictured on September 10 (AFP Photo/Mandel NGAN)

Mr Mnuchin said on CNBC that Washington and Beijing will first hold talks at the deputy level to ensure senior officials who meet later can advance towards a resolution. However, he again warned that President Donald Trump will only accept a good deal, and is willing to raise tariffs if necessary.

Mnuchin made the statement with the trade war between the United States and China showing signs of easing, as China reportedly made its first large purchase in months of American soybeans after President Trump agreed to briefly delay his next round of tariffs.