US - China are in 'economic war'

The US is locked in a shadow economic war with China, White House chief strategist Steve Bannon says, warning that the US is losing the war.

“We are at economic war with China,” Bannon said in an interview published on July 16. “We are at economic war with China,” Bannon told the American Prospect magazine, adding that the US government needs to focus on it intensely to remain an economic power.

Photo: Reuters

Sputniks quoted Mr. Bannon as saying that the next few decades will decide which country will come out on top. "If we continue to lose, I think the US has only 5 years, or at most 10 years, to reach an inflection point from which we will never recover," the official warned.

Mr. Bannon also said that the US will attack China strongly for unfair trade practices.

Reuters reported that the White House Chief Strategist also announced that the US will use Section 301 of the Trade Act of 1974 to protest China's forcing US corporations doing business in the country to transfer technology.

According to VNN