Treasury Secretary Steven Mnuchin says he expects tariffs to go up in December if there is no China deal – CNBC

The two countries addressed intellectual property rights, financial services — including currency and foreign exchange — and “very significant structural issues” dealing with agriculture, a key sticking point in the tit-for-tat tariff battle, Mnuchin said.

Mnuchin said the U.S. expects China to buy $40 billion to $50 billion worth of agriculture products. He also said that China will be removing some tariffs on imports of U.S. goods.

Trump, in an all-caps tweet Sunday evening, exclaimed, “CHINA HAS ALREADY BEGUN AGRICULTURAL PURCHASES FROM OUR GREAT PATRIOT FARMERS & RANCHERS!”

In the Oval Office on Friday, Mnuchin said the White House would hold off on Tuesday’s deadline to impose more tariffs on China. The next tariff deadline is Dec. 15.

But he expects that, pending more meetings with Beijing officials, Trump and Chinese President Xi Jinping will be able to finish the deal during their anticipated meeting in Chile in a few weeks.