Mnuchin's comments came shortly after President Donald Trump wrote in a post on Twitter that talks will continue and that his relationship with Chinese President Xi Jinping remained strong, sending stocks to session highs.
Despite President Trump's $100 billion claim, the burden of higher tariffs will fall on buyers of Chinese made products and, ultimately, American consumers. That could end up costing every American household about $800, according to estimates from Oxford Economics.
Former Agriculture Secretary Tom Vilsack told CNBC that the Trump administration has "very limited options" for a new trade relief program for U.S. farmers and may require congressional authorization.
U.S. trade talks with China ended early Friday afternoon with no deal, and Treasury Secretary Steven Mnuchin told CNBC there are currently no additional talks scheduled in the future.
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