After China retaliates, Trump claims there's no trade war

As U.S. stock futures plummet Wednesday morning on the news that China has responded to U.S. tariffs by targeting autos, chemicals, planes, soybeans and whiskey, President Trump denied the existence of a trade war — though he claimed just last month that "trade wars are good, and easy to win."

Go deeper:

• This time, China can fight back against tariffs.
• CNBC tracks the stock market this morning after China's tariff response.