Treasury Secretary Mnuchin says there is the possibility of a trade war with China, but that’s not the objective

Steve Mnuchin

Mike Blake | Reuters
Steve Mnuchin

Treasury Secretary Steven Mnuchin said a trade war is possible with China.

“Our objective is still not to be in a trade war with [China],” Mnuchin said on CNBC’s “Power Lunch” Friday. “I’m cautiously optimistic that we will be able to work this out … There is the potential of a trade war.”

Trade tensions between China and U.S. rose this week. President Donald Trump on Thursday said he instructed the U.S. trade representative to consider $100 billion in additional tariffs against China.

The move followed China’s announcement on Wednesday of tariffs on 106 U.S. products, including soybeans, cars, aerospace and defense, which came a day after the Trump administration detailed its targets of Chinese imports to be subjected to tariffs.

This is a developing story. Check back for updates.

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