U.S. Treasury Secretary Steven Mnuchin said on Sunday that President Donald Trump is willing to impose more tariffs on China if no progress is made during a scheduled summit later this month at the G20 forum in Japan.

Mnuchin told CNBC that Trump will be trying to determine if Chinese President Xi Jinping is willing to head "in the right direction" on a deal to reshape the trade and commercial relationships between the world's two largest economies.

He said the U.S. is prepared to move forward on the terms of a deal previously discussed with China, should Beijing decide to do so.

Mnuchin warned, however, that if China does not want to move forward with the deal, Trump is "perfectly happy" to move forward with tariffs to “re-balance” the U.S.-China relationship.

The remarks come as U.S. tariffs on 200 billion dollars of Chinese goods were raised to 25 percent last month, more than doubling a series of tariffs applied by the Trump administration last year.

In response, retaliatory tariffs ranging from between five to 25 percent on American imports worth 60 billion dollars were applied by Beijing.