Bannon: 'No Chance' Trump Will Back Down On China Trade War

President Trump has dug his heels in when it comes to the trade war with China, and according to his former adviser Steve Bannon – there’s “no chance” Trump will back down, according to CNBC

“China has been running an economic war against the industrial democracies for 20 years,” Bannon said, noting that previous presidents – Clinton, Bush and Obama – all ‘blinked’ when it came to trade with China, adding “Trump didn’t blink.” 

“Every president beforehand, Clinton, Bush and Obama, have all blinked. Trump didn’t blink.” Steve Bannon on the current state of trade negotiations with China.

— Squawk Box (@SquawkCNBC) May 15, 2019

Under Trump, Washington has taken a tougher stance on China compared to previous presidential administrations. In addition to disputes around trade and the alleged Chinese theft of U.S. intellectual property, American intelligence chiefs 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.” –CNBC

US officials maintain that the Chinese stock market and economy has taken a bigger hit than the US, and will continue to be disproportionately harmed by the ongoing trade war. 

On Wednesday, China reported unexpectedly weaker growth in retail sales and industrial output for April. As we noted earlier, 

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