Steve Bannon says trade war with China will end in victory

Stephen Bannon, former White House chief strategist and CEO of the Trump campaign, said he believed a trade war with China would result in victory for the U.S. “Victory is if they give us access to their markets,” he said at CNBC’s Delivering Alpha conference Wednesday in New York. The trade spat between the U.S. and the People’s Republic of China has been characterized by actualized and threatened tariffs on imported goods. Tariffs would be positive for the U.S. economy and would bring manufacturing jobs back to the country, Bannon said. On the note of whether China could devalue its currency to fight the U.S. on the trade front, Bannon said it was an unlikely move due to the large amount of Chinese dollar-denominated foreign reserves. One dollar last bought 6.7485 offshore yuan , little changed in positive territory, and 6.7215 onshore yuan , up 0.2%, late Wednesday.

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