US Treasury chief says trade deal possible with UK in a year

US Treasury Secretary Steven Mnuchin suggested Saturday that Britain and America would be able to conclude a trade deal this year, despite lingering disagreements on a digital services tax and whether to allow Chinese tech giant Huawei to build aspects of a new high-speed mobile network.

Britain leaves European Union in less than a week, severing decades of friction-less trade with a market of 650 million.

Replacing those trade ties with other post-Brexit pacts is considered critical for the nation's economy and future.

I think the timing is important,'' Mnuchin told an audience at the Chatham House think tank.

You know, we're focused on trying to get this done this year because we think it's important to both of us.

Mnuchin stopped in the UK following the four-day World Economic Forum summit in Davos, Switzerland.

He held talks with UK Treasury chief Sajid Javid in both Davos and again in London on Saturday.

However, he declined to offer any details on what he described as the ongoing'' discussions with the British government on Huawei.

The United States is pushing Britain and other allies to ban Huawei from making parts of its 5G network, claiming it would be a security risk something Huawei vehemently denies.

Huawei is the world's biggest maker of switching gear for phone and internet companies.

But it has faced rising scrutiny over US allegations that it could be forced by the Chinese government to provide access to consumer data on its networks.

We want to make sure our infrastructures are protected,'' Mnuchin said.

"And I think on a broader basis ... as more and more things are connected to the network and to the grid, these national security issues go beyond the traditional aspects and go into various different aspects.''