Steve Bannon: China was not prepared to have Trump in office

Channel: Fox Business
Published: 05/21/2019

Description
Former Trump White House chief strategist Steve Bannon discusses the U.S.-China trade war and the problems facing Europe. FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in ...



Transcript
He'S public enemy number one as far as china's concern the man who identified and articulated perhaps before anyone else in the financial and policy circles. The looming threat posed to us, the united states of america by the chinese mr. steve bannon, steve bannon, the chief executive of donald trump's, 2016 campaign and later the chief strategist to the president, has founded china for its predat ...
ry economic policies policies. He believes that must be corrected. Well now china is launching its own attack on him with chinese state tv declaring steve bannon is the true enemy of the united states here now to respond in his first interview since china started launching all these political and personal attacks onhim mr. steve ban and himself Live from paris france tonight good to have you here, steve welcome trish, thanks for having me on tonight, and i appreciate you staying up late because i know it's pretty late, like do a i'm over there in france. I do want to get to one of the reasons why you're there, which is the elections, but let's get to the china stuff first starting on the other side of the world. If you would, the chinese are saying that you, sir, are hurting america that you're the problem. You are the demon. I believe it was the quote. How do you respond to that? Well, i think it's interesting. You know bothcctv, which is the bbc of china and also the global times, which is their tabloid of the people's daily which they used to attack.

I think this is the first time i think in living memory, they've ever gone after a private citizen. It shows you how to ervice they are they understand that president trump, it fully gets the economic war that they've been running on the industrial democracies, particularly the united states for twenty years and they're, an absolute shock that donald trump stood up to them and said: hey, I'M not gon na sign some trade deal which, which we don't have you commit to start to restructure your economy, to fit into the world's economy andreally. It stopped this economic war both on technology front and on the force, technology, transfers and subsidies of state-owned industries. All of it trump's deal with bob light. Heiser'S was a very well thought through strategic deal, they're in panic. The reason donald trump is president trish, and you see him up in pennsylvania tonight - is that the working people in the country that applause understood that the elites in our country were having manage decline. You can see that here in western europe you certainly see it in the united states and they rejected that the chinese drafted off that for 20 years and in fact, wall street, the city of london and the corporatist they all madea ton of money, shipping, the jobs, The high value-added jobs over to china, they were not prepared to have a guy like donald trump say: hey we're not doing this deal, we're gon na get down to it and actually you're gon na have to commit to stop the cheating or i have to commit To stop the theft you're gon na have to commit to act like a good global citizen, and so now you see him striking out today, interestingly enough after they attacked me over the weekend, leha the chief negotiator and president, she went to a rare earths. One of the largest rare earth producers in china, i think, to send a signal to the united states. Thatthis economic war is about to go to another level, so china's playing the long game right i mean they they've got a plan for the next hundred years. We have a plan effectively for the next, you know a couple of years and if president trump is re-elected, then the plan for the next six years or so so i guess my question is: how much pain can can our economy withstand if, in fact were affected By this thus far steve we've been in pretty good shape. Right you look at the gdp numbers, you look at the job, the job numbers all of that has been good, but if it starts to turn to the chinese sitback and say hey, i told you so and then do we run the risk of maybe caving to Some of that economic and political pressure - you know the the backbone of this country, the the working men and women have been through a lot and have you know, through the 20th century, have supported the policy makers in the direction of the country? I think, what's most important is what you see is that you're, seeing it coming together right now? Those numbers you just talked about remember that the the drop in import prices, the increase to the 32. 2 over the to point to economic growth.

This is all because of trump's plan. It'S coming to fruition, we'reseeing a decrease in the trade deficit, we're seeing the import prices come down and so you're starting to see you see an employment coming down you're, seeing the fact what trump's doing his long game - and i think it's longer than a couple of Years he's bringing the supply chain back to the west, and that is where the heart of this this breaks made in china 2025, which is the heart of this thing, which was advanced chip, design, artificial intelligence and robotics, which china was trying to basically steal. Our technology become a dominant high-end manufacturer trump is breaking that right now, and i think you can say i think this. I think this game is alot longer played and you see today, if you read the front page of the financial times, you now have dan coats and the intelligence groups going around to the venture, capital firms, the private equity firms, the corporation's, the silicon valley and starting To walk people through the threats to of huawei and some of these others, and that is driven by both senator marco rubio and senator mark warner. The democrats, i believe, you're, seeing a coming together with the tweets of chuck, schumer nancy pelosi. I think you're seeing people like rubio in capitol hill, it's been a sea change over the last two years: that's trump's leadership and not backing down so you're. Seeing now ithink the country coming together. I think we're now having with mike pence's speech you're, seeing on all forces of government start to go. This is not about the chinese people, the chinese people, the ones that have been absolutely you know blown apart by this. This is a hundred percent of the ccp. This radical cadre of the ccp that's been doing this, so i think you're seeing a coming together. They say they can play the long game.

I don't think they've got the bullets in the chamber. I look at the enormous rise right in the chinese economy and you can go back. It really started under bill clinton and i'm not you know, i'm not pointingthe blame towards anyone specific here, because it continued really under both parties and american business benefited from that american businesses liked that right, because they wanted to have a presence in china and the thought Being gosh, you get a billion people over there. You want to have access to that market and so ceos who are interested in that you know the daily stock price and quarterly earnings are thinking. I need to be in that market. Is this the place where you need government to step in, because market forces would be more selfishly driven in that the ceo wants the earnings that their debt from china could get from china and may be willing to riska lot and sacrifice a lot? This is the heart of it, this the heart of economic nationalism. In fact, they really weren't just looking for the chinese market, the central part of this and you're too polite and too nice to call them out. So i will this is the permanent political class. This is not about party. This was both republicans and democrats. This is from clinton to bush to obama. This is all the wall street faction.

This is the corporate just the simple. The first thing they wanted was the ship, the manufacturing jobs. Oh, they want a cheaper labor. Okay, they wanted they wanted access to chinese market. Ultimately, this is about cheap, labor thisis. Why, throughout the world, what china exports the most is deflation and overcapacity, and we've allowed them to do that. Okay, that's why you haven't had wages rise in japan in western europe or the united states. This is all part of the kind of party of davos of their economic plan, which they benefited from. Remember in this manage decline by our elites, the elites did fine, okay and in the financial crisis, when they bail themselves out is the working people throughout europe in the united states in japan that have taken it on the chin, and this was a this was a Well thought through business model and it worked for people, they were never calledout. They were never called out until donald trump won the 2016 campaign in the upper midwest with reagan, democrats and low propensity voters in the deplorable zs --. Those are the people that had his back and they they know that jobs left the opioids came in and it was destroying the heart of this country. This is what this is about, and this is why trump has showed such political courage and doing this, and the pressure on him has been tremendous had been more pressure from the republicans, the free traders and here's the here's, the insanity of it.

So china is a totalitarian surveillance, mercantilist business model, state capitalism with big government. It'S not a free traderat, all you can't get in there right and and and this we've had this free-trade mentality, and this happy talk for years. The other thing is look at all the false scare tactics wall street use in leading up this. The market was gon na implode is gon na go down 2,000 points economy's gon na plug. It'S just like the scare tactics that were used. What donald trump won the presidency - and they said the mark - was gon na implode. Okay, the fear project turned out to be y2k. The economy's actually doing is going strongly right. There'S been a few perturbations to the market, but it's basically a break-even, and i tell you what i think trump's very focused and iin his speech night in pennsylvania. I think he'll reiterate this, but this is the beating heart. This is the single most important thing. You'Ll do in his presidency.

This is his reagan moment. This is a major inflection point in world history. It'S a major inflection point in american history, which is why the chinese are so mad at him in and also at you. Let me ask about what's going on in europe and we'll continue this conversation here i mean you've got also a working class there. That said, ok, we've had enough. This isn't fair. We'Ve we've gotten the short end of this stick. What is it that we should know about europe as we thinkabout how the us is going to react in 2020? I think you see look briggs. It was the forerunner to the 2016 trump election. I think you're, seeing here you saw in australia the other night. A populace of you know it was a victory at the very last second and i think you're, seeing here momentum building for these populist nationalist sovereignty parties. I think the momentum is building i'm here in france, where marine lepen has come back and a tremendous comeback when she's defeated by mccrone, xie mccrone or an actual dead heat for these european parliamentary elections, he's made it a referendum on himself in italy.

Salvini is leading. I think, with over 30 %, ofthe vote, you've got orb on all the populist parties, including nigel faraj, who has a party he just started about five or six weeks ago, called brexit, which is polling right now, trish higher than labour and dick tory party combined. So you're seeing a real revolution here in in europe and as they it's the exact same thing as the united states, working-class people that are tired of the central government in brussels and what i call this party of davos, the financial managerial engineering, scientific elite that have You know one of the call all the shots and had let this migrant issue really eviscerate the working class in italy and france you're seeing people fight backand. I got to tell you next sunday. I think we're going to have a political earthquake in in europe. Just like they had a political earthquake when donald trump won in november 2016, wow.


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