Trade tension between the U.S. and China exacerbates as Steve Bannon, former White House chief strategist, says driving out Huawei is more important than the trade deal.
Bannon said Saturday in a phone interview with the South China Morning Post that he would dedicate all his time to shutting Chinese companies out of Wall Street.
“The next move we make is to cut off all the IPOs, unwind all the pension funds and insurance companies in the U.S. that provide capital to the Chinese Communist Party,” Bannon said. “We’ll see a big move on Wall Street to restrict access to capital markets to Chinese companies until they agree to this fundamental reform.”
The strong remarks came after U.S. President Donald Trump imposed a ban on Chinese tech giant Huawei’s business operations in the U.S. market and cut off its deals with American suppliers.
On the topic of shutting Huawei out of the U.S. completely, Bannon added that Huawei is a massive national security threat to the West and the the executive order is “10 times more important” than walking away from the trade deal.
“Like many of you, I have seen the comments by President Trump’s FORMER and discredited advisor Steve Bannon. I do not believe these words to have any truth,” said Bob McCooey, senior vice president of NASDAQ through WeChat. “With 22 IPOs from China in 2018 and 15 already this year, we look forward to welcoming many Chinese companies to NASDAQ and supporting them as members of our family of global leaders.”
In another article by SCMP on an interview with Bannon, the former chief strategist has also indicated that, “Beijing should give up any hope that it can wait out the Donald Trump years for a less antagonistic administration.” He also predicts that China will feature prominently in the 2020 US presidential election.
Bannon served as chief strategist for Trump from January 2017 to August 2017. He was disavowed by Trump in January 2018 for critical comments reported in the book “Fire and Fury”.
Featured photo credit to Gage Skidmore