Bannon on trade reaction: ‘To hell with Wall Street’

Former White House strategist Stephen Bannon dismissed concerns about the stock market’s reaction to President Trump’s trade moves on Wednesday, telling Reuters in an interview that Wall Street supports the exporting of American jobs.

Bannon rejected the idea that China’s government could muster a real response to Trump’s proposed tariffs of 25 percent on Chinese electronics, furniture and shoes.

{mosads}“Ask the working people in Ohio, Pennsylvania and Michigan about Wall Street. Wall Street supported and cheered on the export of their jobs. To hell with Wall Street if they don’t like it,” Bannon said.

“It’s time somebody stood up to them and Donald Trump is the perfect guy. Wall Street is always short term. Trump is trying to protect the beating heart of American capitalism — our innovation,” he added.

Bannon, who was a chief supporter of Trump’s nationalist and protectionist economic policies during his time in the White House, praised Trump’s move as a sign of his commitment to punishing Chinese theft of American intellectual property.

“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,” Bannon said.

“This is the beating heart of American capitalism: Technology innovation that the Chinese have either stolen or forced American companies to turn over. Trump has signaled that those days are over,” he said.

China responded to Trump’s tariff package this week with a reciprocal plan targeting about $50 billion worth of American goods, including soybeans, cars and airplanes.

Trump has threatened to respond to any Chinese action with further tariffs.

“We want reciprocal, mirror,” he said in March. “If they charge us, we charge them the same thing. That’s the way it’s gotta be.”