There hasn't been a decision on the future of" the U.S.-China Comprehensive Economic Dialogue, or CED, says David Malpass, the U.S. Treasury undersecretary for international affairs, in Buenos Aires.

"I misspoke when I said it had discontinued"

"Secretary Mnuchin has high level talks with China. The CED had met last summer and talks stalled"

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This coming Friday is when the Trump administration's previously announced 25% tariffs on imported steel and 10% for aluminum officially take effect, and while Canada, Mexico and Australia have been excluded from the protectionist measure, planned retaliation by China has triggered concerns over a global trade war. And confirming that trade - and broader economic and commercial - ties with China are set for a sharp deterioration, on Sunday the Trump administration ended a decade-old formal economic dialogue with China amid US concerns the country is becoming increasingly protectionist and moving backward on its promise to open its markets to foreign competition.

Speaking in Buenos Aires ahead of the Group of 20 finance ministers meeting, David Malpass, Treasury's undersecretary for international affairs, said that "the administration is disappointed with China and because there wasn't a path back toward a market orientation, I discontinued the China economic dialogue."