WASHINGTON (Reuters) – The United States and China could reopen talks on trade but only if Beijing is willing to make significant changes, U.S. Treasury Secretary Steven Mnuchin said on Thursday.

Treasury Secretary Steven Mnuchin arrives in the Rayburn House Office Building to testify before a House Financial Services hearing on “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System” in Washington, U.S., July 12, 2018. REUTERS/Leah Millis

“I would say to the extent that the Chinese want to make serious efforts to make structural changes, I and the administration are available any time to discuss those,” Mnuchin said during a hearing before lawmakers in Washington.

On Wednesday, China said it would hit back after the Trump administration escalated their trade dispute, threatening 10 percent tariffs on $200 billion of Chinese goods.

Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama

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