Treasury Secretary Steven Mnuchin said he recognizes the risk of retaliation against the U.S. for steel and aluminum tariffs the Trump administration plans to impose but still believes the move will benefit American workers.

“If you want to negotiate things that are good for us, you have to be prepared for the consequences,” the Treasury chief said Wednesday in a phone interview with Bloomberg News. “Our objective is not to create a trade war. Our objective is to make sure U.S. companies and workers are treated fairly.”

President Donald Trump's call last week for tariffs of 25 percent on steel and 10 percent on aluminum imports has stirred fears of a global trade fight. A formal announcement could come as soon as Thursday.

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