President Donald Trump’s hardline stance in the U.S. trade war with China has paid off, former White House advisor Steve Bannon told CNBC on Wednesday.
Trump “stood up for the tariffs and he broke the Chinese communist party,” said Bannon, ex-Trump chief strategist and longtime China critic. He also used to run far-right Breitbart News.
Top trade representatives from the U.S. and China were set to gather at the White House on Wednesday morning to sign the “phase one” deal.
“It’s only phase one, but directionally this thing is powerful,” Bannon said.
The initial agreement between the world’s two largest economies is expected to touch on tariff relief, China’s promise to purchase some $200 billion of U.S. goods over two years, and changes to intellectual property and technology rules. The deal is also expected to lower structural barriers for American companies hoping to do business in China.
“We gave up very little in the end,” said Bannon, who appeared on “Squawk Box” with like-minded China hawk and hedge fund manager Kyle Bass.