Steve Bannon
"Wall Street is always short term. Trump is trying to protect the beating heart of American capitalism — our innovation," he told Reuters in a telephone interview.
Bannon, who maintains ties to the White House, said Trump's recent moves to impose tariffs are a signal to the Chinese that "the game of continual delay is over" and that they will have to address the central issue of forced technology transfers."
"It's full throwdown. Trump has planned this out for a long time. He led with the smart things, forced technology transfers. It's obvious the Chinese have no real response to this. I think they played completely into his hands. By putting tariffs on agricultural products and avoiding addressing the technology questions they've shown once again they consider us nothing more than a tributary state."
Investors may have also been comforted when Larry Kudlow, head of President Trump's National Economic Council, said the administration was not angling for a trade war.
"I can understand the stock market anxiety. I get that. But don't overreact," Kudlow said on Fox Business. The tariffs, he said, will lead to "better economic growth, more trading going on, improved wages on both sides."
"I'm not a fan of tariffs," he said, but added that they are "part of the process."
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