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Commerce Secretary Ross says US ‘not looking for a trade war’

US Commerce Secretary Wilbur Ross said on Wednesday that the United States is not seeking a trade war. “We’re not looking for a trade war,” Ross told CNBC, adding that the decision to impose steep tariffs on steel and aluminum imports was thought through. “We’re going to have sensible relations with our allies,” Ross said, arguing that a jump in steel prices could be avoided through increased domestic production of the commodity. The previous day, President Donald Trump's top economic adviser Gary Cohn resigned in apparent protest over the controversial tariffs. Ross played down the Cohn resignation, insisting “this is not some sort of a palace coup.” He said the departing economic adviser “has been contemplating some sort of a move for some little while.”