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Dispute not trade but economic war: Bannon
The world is in a strange situation as China, a country led by a party that calls itself communist, has become the champion of globalization and free trade, while the capitalist Unites States has become protectionist with its “America First” policy
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span>The world is in a strange situation as China, a country led by a party that calls itself communist, has become the champion of globalization and free trade, while the capitalist Unites States has become protectionist with its “America First” policy.
“The old is dying and the new is not yet born,” said the European Union’s former commissioner for external relations and neighborhood policy, Benita Ferrero-Waldner, describing the present global situation at a panel discussion on “Crisis of Trust: Global Power Balance” in Almaty, Kazakhstan, on Friday.
The discussion was part of the ongoing XVI Eurasian Media Forum under the theme “The World Today: Transforming Reality”.
Surprisingly, US President Donald Trump’s former chief strategist and senior counsellor to the president Steve Bannon lashed out at the “repressive and exploitative” Chinese Communist Party.
Bannon said Wall Street corporatists had been working together with China’s ruling elites to preserve an unfair system that exploited Chinese workers and hurt the interests of American workers.
“Trump became president because of the huge support of the working class and the middle class,” Bannon said while claiming to be from the working class himself.
According to Bannon, Western corporations and financial institutions helped China produce cheap goods with low wages.
“Western corporations have provided capital to China. They also provided technology. They are running after huge margins. As a result, workers in the US were affected, and many lost their jobs. That’s why Trump wants to change this,” said Bannon, who was also the CEO of Trump’s 2016 election campaign.
“Our war with China is not a trade war, but it is an economic war,” Bannon said.
Ferrero-Waldner, an Austrian politician, said a trade war was not the way to solve problems.
“The EU indeed has problems like state subsidies, intellectual property rights and market access in its trade with China. We have our own way of dealing with things. The EU has been negotiating with China to solve these problems. Talks are the only way to resolve trade issues,” Ferrero-Waldner said.
But the EU states, according to Ferrero-Waldner, must work collectively and make fast decisions.
“We need more unity [among EU states] and work rapidly and effectively,” Ferrero-Waldner urged.
Many speakers in the panel discussion opined that China and the US were strategic competitors. Their competition should not end in a real war, hence there was an urgent need for a rules-based international order.
“I am in favor of rules-based international order. Peaceful resolution of global issues and conflicts is the best way,” Ferrero-Waldner said.
New York University’s Center for Global Affairs head Mark Siegel denounced several policies of President Trump.
“Ripping up the Iran nuclear deal and withdrawing from international trade deals are not good for the US. As a superpower, with these acts, what kind of image do you present to the world?” Siegel asked.
Vocal British politician George Galloway warned the US against attacking Iran.
“It will be a disastrous [war]. It will be more severe than the attack on Iraq,” said Galloway, whose wife is from Indonesia.
He was referring to the consequences of such an attack and its damage to the global economy.
