US can hike tariffs if China violates trade deal: Mnuchin

The United States can increase tariffs on Chinese goods if Beijing fails to live up to the partial trade deal the two countries are set to sign Wednesday, Treasury Secretary Steven Mnuchin said.

"The president has the ability to put on additional tariffs," Mnuchin said on CNBC when asked about how the agreement will be enforced.

The "phase one" agreement will call a truce after nearly two years of trade conflict.