By Jon Dougherty
President Donald Trump’s former chief political strategist, Steve Bannon, told Fox Business on Monday that it was the “most important” day of his presidency because he told China he would not re-negotiate trade agreements that Beijing had already signed off on but which the Communist leadership is now reneging.
Instead, Bannon noted, POTUS is set to impose an additional heavy round of tariffs on Chinese imports by Friday — as we reported today — if no trade deal can be reached.
The president on Monday tweeted his intentions:
….of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!
— Donald J. Trump (@realDonaldTrump) May 5, 2021
Also, U.S. Trade Representative Robert Lighthizer confirmed that the tariffs would be implemented at midnight Friday over China’s refusal to honor trade commitments.
During his appearance on “Lou Dobbs Tonight,” Bannon said Trump was setting the right course and the right tone for the country.
“This is the man we elected, period. This is a great president,” Dobbs said, leading into his interview.
“Listen, I happen to think today was the greatest day of Donald Trump’s presidency,” Bannon began. “He’s president of the United States because of the rejection of working-class people and middle-class people” and “the managed decline of our country at the hands of people like Hillary Clinton.
“These globalists and elitists were very comfortable with the managed decline, particularly vis-a-vis the rise of China. And Donald Trump confronted that, particularly in the upper Midwest. This is the reason he won states like Pennsylvania, Ohio, Michigan and Wisconsin.”
Bannon also said he believes POTUS Trump comprehends the issue regarding trade with China better than the so-called experts. “I think Trump understands tariffs are more than taxes. They are about self-empowerment of the working class,” he said, adding: “The jobs went to China, and the opioids came in.”
“Trump said, ‘I am not going to do this. You’re not going to come back and re-trade us. I am going to hit you with the tariffs,’” said Bannon. “I think this is a very big week in American economic history.”
The former Trump adviser said few people really understand the scale of the conflict between the U.S. and China.
“This is an economic war. We’re going to have fundamental, structural change in the state capitalism that China has,” Bannon said. “We are going to get changes on force technology transfers, subsidies, state-owned industries, intellectual properties.”
He called critics of Trump’s tariff policy the Chinese Communist Party’s “supporters on Wall Street and their supporters in corporate America.” Bannon said they “should be ashamed of themselves for the pressure they put on the president of the United States.”
- Follow Jon Dougherty on Twitter at @JonDougherty10