Trump says during a White House news conference with French President Emmanuel Macron that Mnuchin will be going to China "in a few days to negotiate on trade".
"I believe the trade will work out but I also think China has never treated us with more respect than they have over the last short period of time that I'm president", Trump said.
He added that a delegation led by Mnuchin has "a very good chance at making a deal".
Christine Lagarde, managing director of the International Monetary Fund (IMF), Saturday called on the United States and China to resolve trade tensions through rules-based multilateral institutions.
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The US has had discussions with Japan on a bilateral trade agreement, the secretary said. Trump ramped up trade threats against China.
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US Treasury Secretary Steve Mnuchin has expressed interest in visiting Beijing for further trade negotiations, an announcement that was welcomed by the Chinese Ministry of Commerce.
This will be Mnuchin's first China visit since he was sworn in as US Treasury Secretary in February past year.
And in a sign of progress, Chinese President Xi Jinping vowed earlier this month to open China's market wider to foreign companies, raising hopes the dispute with Washington could be resolved.
Americana Development and the Champion Safe Co. of Provo, Utah, said in comments to the Office of U.S. Trade Representative that their cost for steel has risen by about 25%.