China is doing "anything possible" to get President Donald Trump to nullify or delay another round of tariffs looming for later this month, including reaching a partial trade deal, but the president is focused on an overall deal that will bring the supply chain back to the United States, former White House adviser Steve Bannon said Friday.
"He was right from the beginning," Bannon told CNBC's "Squawk Box." "The tariffs have forced them to the negotiating table. This is what the Wall Street cheerleading section has forgotten. It's the tariffs that have forced the Chinese to the table."
Even if a partial deal is announced, Trump will leave plenty of room to go back, if there is any backsliding, and trying to get the overall deal done, Bannon said.
A Chinese state newspaper said a partial deal will benefit both the United States and China, and urged Washington to take the offer Friday.
The talk of the smaller deal shows the strength of Trump's negotiating position, Bannon said, and even if there is something reached on an interim deal, it will lead to a larger transaction.
Meanwhile, it is important the U.S-Mexico-Canada trade agreement gets passed, as it is part of the whole trade package on which Trump has been working, Bannon said.
He also pointed out the Chinese economy has thrived because of the suppression of its people and because the workforce is "slave labor."
"That's the tragedy of this Frankenstein monster," that "Wall Street allowed to be built," said Bannon. "You have to stand for something more than the bottom line."
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