Steve Bannon Says No Chance Trump Backs Down on Trade With China

May 15, 2019 Share Print 0

There is “no chance” President Donald Trump will back down in the U.S. trade war with China, former Trump advisor Steve Bannon told CNBC on Wednesday.

“China has been running an economic war against the industrial democracies for now 20 years,” said the hardline ex-White House chief strategist, who helped craft Trump’s nationalist message.

Bannon said previous presidents — Bill Clinton, George W. Bush and Barack Obama — passed the buck on addressing and fixing the problems of China’s protectionist economy. But Trump is not shying away from the fight, he added.

“There is no chance that Donald Trump backs down from this. I think he’s looking at the good of people on a global basis,” Bannon said in the “Squawk Box” interview.

Under Trump, Washington has taken a tougher stance on China than his recent predecessors. In addition to disputes around trade and the alleged Chinese theft of U.S. intellectual property, American intelligence chiefs expressed their distrust of Chinese tech giant Huawei and Chinese telecom company ZTE.

The standoff with China “cuts to the core of what the United States is going to be in the future,” Bannon said. “With ‘Made in China 2025,’ ‘one belt-one road,’ and Huawei’s 5G rollout, this is a master plan to become an economic hegemon, ” he added, referring to Chinese policies on its economy and trade.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.