U.S. Commerce Secretary Wilbur Ross has conceded that China could slap retaliatory tariffs on U.S. products following President Donald Trump's decision this week to impose tariffs on imported solar-energy components and large washing machines.
At a press conference at the World Economic Forum, Ross said Wednesday that there's "always potential for retribution and retaliation and that's up to the Chinese to decide."
Ross is part of one of the biggest U.S. delegations to ever come to the WEF, the highlight of which will be Trump's speech on Friday. Many participants at the forum are concerned about Trump's "America First" program and whether that augurs a new era of protectionism.
Ross also said trade wars are "fought every single day" and that every day, someone is trying to violate rules and "take advantage" of things.
