Trade talks between the U.S. and China are now in the final stages, said U.S. Treasury Secretary Steven Mnuchin, ahead of this week’s meeting in Beijing between negotiators from both sides, according to a New York Times report.

“We’re getting into the final laps,” the report quoted Mnuchin as saying, in an interview at the Milken Institute Global Conference in Los Angeles.

“I think both sides have a desire to reach an agreement,” Mnuchin said, according to the New York Times report. “We’ve made a lot of progress.”

According to the report, Mnuchin said that while both countries are nearing a deal, the negotiations are reaching a stage where either an agreement could happen — or it could end without a deal.

Mnuchin, together with U.S Trade Representative Robert Lighthizer, have been trying to negotiate a deal with Chinese representatives amid a protracted trade war between the world’s two largest economies. Both sides have met several times in a bid to hammer out a deal to end their trade differences. The talks so far have focused on a range of issues, including forced technology transfer and structural reforms.

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