The US secured a deal with Mexico on Friday over the immigration crisis.
The world's top finance policymakers Sunday weighed the impact of ballooning trade tensions on the global economy amid differences over the extent to which they are dragging on growth.
While Mnuchin and other officials made it clear that they disagreed on the details of how to do that, the officials said they had agreed that the G20 and Organization of Economic Cooperation and Development would work together on drawing up an agreement by the end of 2020.
By a quirk of the calendar, G20 trade ministers are also meeting the same weekend in Japan but the finance ministers will be tackling the current tensions and their economic consequences.
Speaking to American cable network CNBC on Sunday, Mnuchin said Trump will try to determine if his Chinese counterpart is willing to head towards what he calls the "right direction" to reshape the two sides' trade and commercial relationship.
Meanwhile, Yi, in an interview with Bloomberg News on Friday, had said that the discussion of trade with Mnuchin would be "uncertain and hard", and he insisted that China could withstand a prolonged trade fight with the US.
Reuters news agency has reported G20 leaders have agreed to describe ballooning trade tensions as "intensified", citing three insiders.
"The bad news is that it is unclear how the US and China trade talks will end and unless it is resolved, there is a concern that market confidence could be affected further, this is an issue." said Taro Aso, the finance minister of Japan.
Japan PM to visit Iran in effort to mediate tension with US
Trump has condemned the nuclear deal between Iran and global powers signed by his predecessor, Barack Obama. This means Iran expects unfettered trade in the face of US sanctions.
Over 700 journalists from all over the world will cover the high-level meetings of finance ministers and central bank governors from the G20 scheduled to take place on Saturday in the southern Japanese city of Fukuoka, the event's organisers have told Sputnik.
A Japanese official who declined to be named briefed reporters that "very many countries voiced concerns that escalation of the trade friction is a very significant downside risk to the world economy".
The Trump administration began slapping tariffs on imports of Chinese goods almost a year ago, accusing Beijing of using predatory means to lend Chinese companies an edge in advanced technologies such as artificial intelligence, robotics and electric vehicles.
Christine Lagarde, managing director of the International Monetary Fund, likewise was blunt in warning of the potential toll from the tit-for-tat tariff hikes and other retaliatory moves between Washington and Beijing with talks on resolving their dispute in a stalemate, saying that the "road ahead remains precarious".
"The China-U.S. issue is all you ask about".
"Clearly there is a slowdown in Europe, there is a slowdown in China, there is a slowdown in other parts", Mnuchin told reporters, adding that he did not think this was "in any way the result of trade tensions at the moment".
The two met on the sidelines of the G-20 finance meeting in Japan.
"We strive to realize a free, fair, non-discriminatory, transparent, predictable and stable trade and investment environment, to keep our markets open", they said.
"There will be winners and losers", he predicted.