Article snippet: MORE's economic advisers and allies on Sunday defended the trade war with China as necessary and beneficial to the U.S. after a week of mounting tensions. Treasury Secretary told Chris Wallace on “Fox News Sunday” that Trump remained “as determined as ever” in the trade war. The president earlier seemed to indicate he regretted escalating the trade war with Beijing, though the White House quickly pushed back on that interpretation, saying Sunday that Trump regrets not imposing even higher tariffs. “The president is determined to have fair and reciprocal trade,” Mnuchin told Wallace from the Group of Seven (G-7) summit in France. “He’s as determined as ever on this issue. He wants a good deal.” Wallace also pressed Mnuchin on a tweet in which Trump said he “hereby order[ed]” U.S. companies to stop doing business in China, which Trump has claimed he has the power to do under the 1977 International Emergency Economic Powers Act. Wallace noted that the law in question requires a formal emergency declaration and applies only to future investments rather than existing ones. Mnuchin did not say whether Trump had any plans to declare an emergency under the law, telling Wallace the White House "has lots of options" and adding that "our first choice is to have fair and reciprocal trade." National economic advisor MORE, meanwhile, downplayed criticism of U.S. tariffs by other world leaders at the G-7 summit, saying a clip of British Prime Minister Boris Johnson expressing r... Link to the full article to read more