DAVOS, Switzerland (AP) — The Latest on the World Economic Forum in Davos (all times local):

10:15 a.m.

U.S. Commerce Secretary Wilbur Ross has conceded that China could slap retaliatory tariffs on U.S. products following President Donald Trump's decision this week to impose tariffs on imported solar-energy components and large washing machines.

At a press conference at the World Economic Forum, Ross said Wednesday that there's "always potential for retribution and retaliation and that's up to the Chinese to decide."

Ross is part of one of the biggest U.S. delegations to ever come to the WEF, the highlight of which will be Trump's speech on Friday. Many participants at the forum are concerned about Trump's "America First" program and whether that augurs a new era of protectionism.

Ross also said trade wars are "fought every single day" and that every day, someone is trying to violate rules and "take advantage" of things.

9:45 a.m.

U.S. Treasury Secretary Steven Mnuchin says his country is "absolutely" committed to free and fair trade, two days after President Donald Trump signed off on new tariffs on imported solar-energy components and large washing machines.

At a news conference at the World Economic Forum in Davos, Mnuchin said Wednesday that strong U.S. growth was good for the world economy and that there is no inconsistency with Trump's "America First" agenda and his belief in working with others on trade.

Mnuchin also said he's not "particularly concerned" by reports China is preparing to wind down its purchases of U.S. Treasuries, in part because of the U.S.'s stance on free trade.

6 a.m.

It's day two at the World Economic Forum and there'll be no escaping Europe.

The leaders of France and Germany, President Emmanuel Macron and German Chancellor Angela Merkel, are set to headline the roll-call of leaders Wednesday, two days before President Donald Trump is due to give his own speech in the heavily snow-covered Swiss town of Davos.

Europe's economic revival is one of the main reasons why the global economy is powering ahead and both Macron — who will make his first appearance at the WEF since being elected president — and Merkel will trumpet how the region has turned the corner after years of crisis.

King Felipe VI of Spain is also due to address delegates and anything he says about the restive region of Catalonia is likely to be of interest.