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.