Trump Launches Formal Investigation into China's Intellectual Property Practices

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"We hope the relevant people can refrain from dealing with a problem in the 21st century with a zero-sum mentality from the 19th or the 20th century".

Bannon and White House Trade and Manufacturing Office director Peter Navarro were often allied in taking hardline anti-China stances over currency manipulation, steel tariffs and other trade issues, often opposed to Cohn, Mnuchin and Perdue, according to lobbyists who been involved in the debates. "To me the economic war with China is everything".

In the interview, Bannon said that he is getting hawks placed at key position.

Bannon promised that the United States has realized that it is in a trade war with Beijing and that it was time to turn the tide.

"The two sides need to strengthen dialogue and communication, promote across-the-board exchange and cooperation, properly handle each other's concerns and jointly ensure the steady and sound development of China-US relations", Hua said.

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Bannon characterized the focus on North Korea as a "sideshow" to a more significant, U.S. She reiterated China's stance that the economic relations and trade between China and the USA are mutually beneficial in essence. "If we continue to lose it, we're five years away, I think, ten years at the most, of hitting an inflection point from which we'll never be able to recover", Bannon said in response to a question. His administration has recently dusted off some little-used trade weapons, starting a process that could lead to penalties on Chinese steel and aluminum imports.

Of late media reports have said that Bannon is pushing for a strong policy against China. Administration officials have said that China's theft of USA intellectual property could amount to as much as $600 million.

"We will stand up to any country that unlawfully forces American companies to transfer their valuable technology as a condition of market access". Government subsidies and cheap loans encouraged Chinese factories to overproduce steel, aluminum and other products, driving down global prices and putting USA and other firms out of business.

"It's about the final choices on do we go forward with these very hard sanctions on the Chinese or do we look to make a tradeoff on a security issue, and Bannon would have been in the first camp", Scissors said.

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