US, China trade talks continue this week: Mnuchin

US and Chinese officials will hold talks by phone this week and next as they work to finalize the "phase one" trade deal announced last week, US Treasury Secretary Steven Mnuchin said Monday.

President Donald Trump, beset with an impeachment inquiry and criticism over his foreign policy, on Friday hailed the breakthrough agreement, but said it would take several weeks to finalize the details before he signs a pact with Chinese leader Xi Jinping next month.

There are few specifics, nor does the deal roll back the tariffs already imposed on hundreds of billions of dollars in trade between the world's two dominant economic powers.

But Mnuchin indicated the next round of new tariffs due to hit consumers on December 15 could be scrapped once the deal is signed.

He pushed back on the skepticism about the agreement in an appearance on CNBC. "There is a fundamental agreement in principle," he said.

"There are still some issues that need to be worked out in wording but I would say we have every expectation that phase one will close. So I would describe phase one as quite substantial."