War Room’s Steve Bannon discussed tariffs and China’s dishonest trade policies with author Spencer Morrison.
“Where we are right now, and where do you think this thing is going?” Bannon asked regarding tariffs.
“So right now the tariffs that negotiation they’re paused, they’re paused for 90 days. The effective tariff rate right now is about 51 percent,” Morrison said.
“The reality is here from my perspective. China joined the World Trade Organization in 2001 and in doing so they made a ton of commitments that they would play fair,” Morrison said.
“The point of trade for China has nothing to do fair business. They don’t care about American industry. They don’t care about the American people. They only care about enriching the Communist Party,” Morrison warned.
“China’s entire economic system is geared towards ripping off America,” Morrison said.
“There’s two prongs to it. The first prong is the unfair trade practices which are netting them approximately 400 billion dollars a year or more in the trade deficit, and in the second part of that is the intellectual property theft,” Morrison warned.
“President Trump is the first President to fight back against this in over 50 years,” Morrison continued.
“We have 36 trillion dollars in debt. We have 25 trillion dollars in a trade deficit. 18 trillion dollars directly associated with China and the Chinese Communist Party, but we have an intellectual property deficit I think 25 trillion dollars,” Bannon said.
Bannon also explained that intellectual property theft occurred because not only industrial espionage, but also because of Wall Street and corporations.
“It’s not just simply from industrial espionage. That is because Wall Street and the corporations have basically been kowtowed that if you want to have anything to do with mainland China, you have to put it into a joint venture. Your joint venture partner is the Chinese Communist Party,” Bannon warned.
“All your intellectual property goes in and they just steal it right there and reverse engineer it,” Bannon continued.
“What China has done is they have leapfrogged about two centuries in the last 40 years and this was done through stealing technology,” Morrison said.
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