27 Jul

Steve Bannon: ‘We’re at War with China’

WRITTEN BY Sarah Sands

Steve Bannon on the US–China trade war

Former advisor to President Trump Steve Bannon shared his views on the US (QQQ)–China (FXI) trade war at the 2018 Delivering Alpha Conference on July 23.

Steve Bannon: ‘We’re at War with China’

Bannon believes the United States (SPY) has been in a trade war with China (YINN) for decades. He said, “We’re at war with China.” He added that Trump knows he has to “unite the West against the rise of a totalitarian China.” Trump warned China about intellectual property theft from various US businesses. Trump’s main focus, he says, is maintaining fair trade practices.

After Trump’s first announcement about the import tariff on Chinese goods, the SPDR S&P 500 ETF (SPY), the SPDR Dow Jones Industrial Average ETF (DIA), and the Invesco QQQ Trust ETF (QQQ) fell 2.46%, 2.97%, and 2.43%, respectively, on March 22.

Bannon seems to have agreed with Trump’s trade policies. He said, “How it ends is in victory. Victory is when they give all full access to their markets.”

In the previous part of this series, we discussed why legendary investor Jamie Dimon is in favor of negotiating the trade relationship between the United States and China. He believes an adverse situation will arise if the United States imposes further import tariffs on Chinese goods.

In the next part of this series, we’ll analyze Steve Bannon’s views on Bitcoin.

Latest articles

US crude oil production has more than doubled since 2009 and grew by 1.1% over the last year. Currently, there are 133 operable refineries in the US.

The cannabis industry is fighting against the ongoing US-China trade war and recessionary worries, which have hurt valuations across the global market.

Higher revenues, increased ticket prices, and lower fuel costs are likely to drive American Airlines' Q3 earnings higher despite its Boeing MAX woes.

HEXO plans to report its Q4 earnings before the market opens on October 24. October has been tough for Hexo, with its stock falling 31.2% as of October 18.

Today, Advanced Micro Devices (AMD) rose 4% to over $32, making it one of the top Nasdaq gainers. Morgan Stanley raised its price target for AMD stock.

Early in 2019, President Donald Trump warned that China could overtake the US as a global power. He vowed that this would not happen under his leadership.