According to the New York Times' report, the U.S. Treasury Secretary Steven Mnuchin said on Sunday that trade talks between the United States and China were entering a critical point as an American delegation heads to Beijing this week to try to finalize a long-awaited deal.

Mr. Mnuchin, one of U.S. lead negotiators, said that while the two sides are closer to an agreement, more work remains to be done, and that the talks are nearing a point where they would either produce a deal or end with no agreement.

“We’re getting into the final laps,” Mr. Mnuchin said in an interview on the sideline of the Milken Institute Global Conference in Los Angeles.

At the same time, Mnuchin declined to predict whether the negotiations would be wrapped up by the end of June but said he believes that both countries want to reach a deal. He also would not say if a breakdown in the talks would lead Mr. Trump to impose more tariffs.

“I think both sides have a desire to reach an agreement,” he said. “We’ve made a lot of progress.”

The Treasury Secretary also declined to provide details of the remaining obstacles, but he said this round of talks would continue to focus on China’s longstanding practice of subsidizing its industries. 

Mnuchin is heading to China on Monday with Robert E. Lighthizer, the Trump administration’s top trade negotiator, to try to resolve the remaining sticking points between the countries. Chinese officials are expected to come to Washington on May 8 to continue - and possibly conclude - the negotiations.