Trump should add more China tariffs, some small companies say

Christine Lagarde head of the International Monetary Fund, attends a conference at the Cannes Lions Festival in Cannes France

Mnuchin wouldn't tell reporters how close the US was to resolving the various trade disputes, but he did say that progress has been made.

Trump made the remarks at the White House following a meeting with visiting French President Emmanuel Macron, according to the White House pool report, Xinhua reported.

China has said it would welcome a visit by US Treasury Secretary Steven Mnuchin, who is seeking to resolve a tense trade dispute between the world's two largest economies after Trump threatened to impose tariffs on Chinese imports.

"We've put on very substantial tariffs, and that will continue unless we make a trade deal".

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If a real United States trade war ensues, then the economic growth prospects of China could negatively be impacted in a significant way. The Chinese government in turn proposed its own tariffs on US goods, targeting agriculture and other exports from rural and Midwest areas important to Trump's election.

This will be Mnuchin's first China visit since he was sworn in as US Treasury Secretary in February previous year.

Mnuchin recently discussed Xi's proposals with Chinese officials, saying "we're cautiously optimistic". China has received information regarding Mnuchin's possible trip to China and China welcomes this information, China's Ministry of Commerce said on Sunday.

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