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'No chance' Trump is going back to China Trade War



There is "no chance" President Donald Trump is going back to the US "China has been running an economic war against industrialized democracies for 20 years," said 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.

Under Trump, Washington has taken a tougher stance on China compared to previous presidential administrations. In addition to trade disputes and the alleged Chinese theft of U.S. Intellectual intelligence chiefs have expressed their distrust of Chinese tech giant and Apple rival Huawei as well as 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 in a" Squawk Box "interview. "We have all the cards."

U.S. officials have repeatedly said the Chinese stock market and economy has suffered more than those in the US, and will continue to bear the brunt. On Wednesday, China reported a surprisingly weaker growth in retail sales and industrial output in April, adding pressure on Beijing to roll out more stimulus as the trade war with the United States escalates. China's Communist Party has remained defiant, putting out a rallying cry in state media

With trade talks at a stalemate, US is considering placing tariffs on the remaining billions and dollars worth of Chinese goods coming in the US Last week, the Trump administration has been following its threat and increased duties on $ 200 billion worth of Chinese products from 1

0% to 25%. On Monday, in retaliation, China announced plans to raise tariffs, some to as high as 25%, on $ 60 billion in the U.S.

Trump's tweets and tough public rhetoric aside, negotiators for both sides need to get behind closed doors and work hard on getting an agreement, Bannon said. "It's not going to take place overnight."

Since May 5, when Trump surprised investors with tweets threatening higher tariffs on China, the S & P 500 had lost about $ 1.1 trillion in value – the type of decline that if it was to persist could put a real drag on US economic growth. The index made some of that backwards with Tuesday's almost 1% recovery after Monday's 2.4% decline. Despite the knock from trade concerns, the S & P 500 was still only 4% away from its May 1 all-time intraday high, and up more than 20% since the 2018 low on Christmas Eve

The China dispute certainly makes for strange and Democrats Like Senate Minority Leader Chuck Schumer urging the president to extract the most concessions possible from China

However, Trump will not bow to the pressure and make a superficial agreement that does not address all the ways Beijing is cheating economically, "said Bannon, adding that he believes China's issue will frame the US presidential campaign in favor of President

– CNBC digital correspondent in Singapore Yen Nee Lee and Reuters contributed to this report

CNBC's before the bell news roundup

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