Treasury Secretary Steven Mnuchin seems to be downplaying the idea of a trade war between China and the U.S.
Speaking on CBS' "Face the Nation," on Sunday, Mnuchin said the administration doesn't actually expect a trade war. Instead it hopes to continue discussions with China.
Mnuchin's statements come after President Donald Trump threatened to escalate tensions further with another $100 billion in tariffs in response to China's retaliatory tariffs on some U.S. goods.
Last week, Trump said the U.S. had "already lost the trade war" because of trade disparities. He said the U.S. is willing to suffer short-term losses for better trade deals with China in the future.