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.”
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.