EXCERPT:
MNUCHIN: "Well, I didn't say it is not the beginning of one. I said that we're actually not in a trade war."
LEE: "So it is the beginning of the trade war?"
MNUCHIN: "So again, right now we've initiated a plan, the tariffs will take some period of time to go into effect. They'll be public comments. So while we're in the period before the tariffs go on, we'll continue to have discussions but there is the potential of a trade war. And let me just be clear, it is not a trade war. The president wants reciprocal trade. So, right now China buys about $130 billion of goods from us and we buy about $500 billion of goods from them. That is not reciprocal free and fair trade."
(h/t RealClearPolitics)