What Happens to Bannonism After Bannon?

The President single-handedly turned the book from a racy tell-all that would have enthused the Beltway and media crowds into a must-have consumer product—the literary equivalent of a new iPhone

.. Not only did Trump put out a lengthy statement on Thursday bashing Steve Bannon, his former senior adviser, for coöperating with Wolff on his “phoney” book, his lawyers sent a letter to the publisher, Henry Holt, demanding that it halt publication. From that moment on, every self-respecting Trump hater in the country simply had to buy a copy.

.. a separate denunciation of Bannon from his longtime financial sponsor, the hedge-fund heiress Rebekah Mercer, who is a part-owner of Breitbart, the scrappy Web site that Bannon turned into a platform for Trump and the alt-right. “My family and I have not communicated with Steve Bannon in many months and have provided no financial support to his political agenda, nor do we support his recent actions and statements,” Mercer said

.. “Bannon is resisting. He’s quite like Trump in this respect: he views any apology or admission of error as a sign of weakness.”

.. Trump thought the Mercers were as odd as everybody else thought. He didn’t like Bob Mercer looking at him and not saying a word; he didn’t like being in the same room as Mercer or his daughter. These were super-strange bedfellows—‘wackos’ in his description.”

.. not the demise of his ambitions to transform the G.O.P. into a nationalist/protectionist party modelled on the European right but the opening of a new front. Freed from the constraints of being inside the Administration, Bannon would be able to recruit candidates, raise money, and take down members of the Republican establishment.

.. Trump, in Bannon’s view, was a chapter, or even a detour, in the Trump revolution, which had always been about weaknesses in the two major parties

.. Trump was just the beginning.”

The Trumpist Gets Trumped

Bannon thinks he created Trump, and Trump thinks he created Bannon. They had a fundamental disagreement about who was using whom, and in any such conflict, the president of the United States is going to win.

.. The Trump statement on Bannon is — of course — exaggerated and overly harsh. It nonetheless nails important things about the former White House official. He was an inveterate leaker and poisonous infighter. Some of Bannon’s energy was devoted to trying to destroy Trump’s notably noncorrupt and nonkooky national security adviser, H.R. McMaster. Most of it, though, was directed at Trump’s children and son-in-law.

.. Bannon also is a flagrant self-promoter. By any reasonable standard, it’s quite a comedown to go from working a few paces from the Oval Office to running a shoddy website devoid of true journalistic interest.

.. his fundraising just got much harder. Part of Bannon’s appeal to candidates was bringing the imprimatur of Trump, and that, too, has been dented.

.. At the beginning of 2016, it seemed that Steve Bannon could be a figure like Karl Rove or David Axelrod, a political strategist with outsize influence over policy who existed at the very top of our national politics for years. Instead, he’s been kicked to the curb more brutally than any presidential aide in modern history.

.. This, obviously, has much to do with Trump himself, who is volatile, jealous of media attention, and insistent that loyalty runs only one way, up to him.

.. He had no idea how to effect his dream of a protectionist, isolationist administration spending massively on infrastructure and raising taxes on the rich. His vision lacked support within the administration and in Washington more broadly.

.. Trump’s base is Trump’s. No one ever voted for Steve Bannon, and now he is on the wrong side of the president in whose name he has presumed to speak.

Making China Great Again

As Donald Trump surrenders America’s global commitments, Xi Jinping is learning to pick up the pieces.

The hero, Leng Feng, played by the action star Wu Jing (who also directed the film), is a veteran of the “wolf warriors,” special forces of the People’s Liberation Army. In retirement, he works as a guard in a fictional African country, on the frontier of China’s ventures abroad. A rebel army, backed by Western mercenaries, attempts to seize power, and the country is engulfed in civil war. Leng shepherds civilians to the gates of the Chinese Embassy, where the Ambassador wades into the battle and declares, “Stand down! We are Chinese! China and Africa are friends.” The rebels hold their fire, and survivors are spirited to safety aboard a Chinese battleship.

.. For decades, Chinese nationalism revolved around victimhood: the bitter legacy of invasion and imperialism, and the memory of a China so weak that, at the end of the nineteenth century, the philosopher Liang Qichao called his country “the sick man of Asia.” “Wolf Warrior II” captures a new, muscular iteration of China’s self-narrative, much as Rambo’s heroics expressed the swagger of the Reagan era.

.. “In the past, all of our movies were about, say, the Opium Wars—how other countries waged war against China,” he said. “But Chinese people have always wanted to see that our country could, one day, have the power to protect its own people and contribute to peace in the world.”

.. For years, China’s leaders predicted that a time would come—perhaps midway through this century—when it could project its own values abroad. In the age of “America First,” that time has come far sooner than expected.

.. Trump often portrays America’s urgent task as one of survival. As he put it during the campaign, “At what point do you say, ‘Hey, we have to take care of ourselves’? So, you know, I know the outer world exists and I’ll be very cognizant of that, but, at the same time, our country is disintegrating.”
.. China’s approach is more ambitious. In recent years, it has taken steps to accrue national power on a scale that no country has attempted since the Cold War, by increasing its investments in the types of assets that established American authority in the previous century: foreign aid, overseas security, foreign influence, and the most advanced new technologies, such as artificial intelligence.
.. It has become one of the leading contributors to the U.N.’s budget and to its peacekeeping force, and it has joined talks to address global problems such as terrorism, piracy, and nuclear proliferation.
.. This was an ironic performance—for decades, China has relied on protectionism—but Trump provided an irresistible opening. China is negotiating with at least sixteen countries to form the Regional Comprehensive Economic Partnership, a free-trade zone that excludes the United States, which it proposed in 2012 as a response to the T.P.P. If the deal is signed next year, as projected, it will create the world’s largest trade bloc, by population.
.. By setting more of the world’s rules, China hopes to “break the Western moral advantage,” which identifies “good and bad” political systems
.. Meng Hongwei, a Chinese vice-minister of public security, became the first Chinese president of Interpol, the international police organization; the move alarmed human-rights groups, because Interpol has been criticized for helping authoritarian governments target and harass dissidents and pro-democracy activists abroad.

.. Moreover, China’s economic path is complicated by heavy debts, bloated state-owned enterprises, rising inequality, and slowing growth. The workers who once powered China’s boom are graying.

.. In 2000, the U.S. accounted for thirty-one per cent of the global economy, and China accounted for four per cent. Today, the U.S.’s share is twenty-four per cent and China’s fifteen per cent.

.. in the past we were used to going to the White House to get our work done,” Shivshankar Menon, India’s former foreign secretary and national-security adviser to the Prime Minister, told me. “Now we go to the corporations, to Congress, to the Pentagon, wherever.”

.. everybody else in the world will look around and say, I want to be friends with both the U.S. and the Chinese—and the Chinese are ready, and I’ll start with them.”

.. He presented China as “a new option for other countries,” calling this alternative to Western democracy the zhongguo fang’an, the “Chinese solution.”

.. The state press ran a profile of Xi that was effusive even by the standards of the form, depicting him as an “unrivalled helmsman,” whose “extensive knowledge of literature and the arts makes him a consummate communicator in the international arena.”

.. Xi has inscribed on his country a rigid vision of modernity. A campaign to clean up “low-end population” has evicted migrant workers from Beijing, and a campaign against dissent has evicted the most outspoken intellectuals from online debate.

.. Foreign universities with programs in China, such as Duke, have been advised that they must elevate a Communist Party secretary to a decision-making role on their local boards of trustees.

.. The Party is encouraging dark imaginings about the outside world: posters warn the public to “protect national secrets” and to watch out for “spies.”

.. Last June, Yao Chen, one of China’s most popular actresses, received a barrage of criticism online after she tried to raise awareness of the global refugee crisis. (She was forced to clarify that she was not calling for China to accept refugees.)

.. In Rao’s view, Trump’s “America First” slogan is an honest declaration, a realist vision stripped of false altruism and piety.

.. “In this world, power speaks,” he said, making a fist, a gesture that Trump adopted in his Inauguration speech and Xi displayed in a photo taken at the start of his new term.

.. “I think Trump is America’s Gorbachev.” In China, Mikhail Gorbachev is known as the leader who led an empire to collapse. “The United States will suffer,” he warned.

.. In 1991, when Bush, Sr., launched the war against Iraq, it got thirty-four countries to join the war effort. This time, if Trump launched a war against anyone, I doubt he would get support from even five countries.

.. For Chinese leaders, Yan said, “Trump is the biggest strategic opportunity.” I asked Yan how long he thought the opportunity would last. “As long as Trump stays in power,” he replied.

.. When Trump won, the Party “was in a kind of shock,”

.. “They feared that he was their mortal enemy.” The leadership drafted potential strategies for retaliation, including threatening American companies in China and withholding investment from the districts of influential members of Congress.

.. Before he entered the White House, China started assembling a playbook for dealing with him.

.. “China knows Trump can be unpredictable, so we have weapons to make him predictable, to contain him. He would trade Taiwan for jobs.”

.. there were two competing strategies on China. One, promoted by Stephen Bannon, then the chief strategist, wanted the President to take a hard line, even at the risk of a trade war. Bannon often described China as a “civilizational challenge.” The other view was associated with Jared Kushner, Trump’s son-in-law and adviser, who had received guidance from Henry Kissinger and met repeatedly with the Chinese Ambassador, Cui Tiankai. Kushner argued for a close, collegial bond between Xi and Trump, and he prevailed.

.. While Xi was at the resort, the Chinese government approved three trademark applications from Ivanka’s company, clearing the way for her to sell jewelry, handbags, and spa services in China.

.. During the transition, Kushner dined with Chinese business executives while the Kushner Companies was seeking their investment in a Manhattan property.

.. In May, Kushner’s sister, Nicole Kushner Meyer, was found to have mentioned his White House position while she courted investors during a trip to China.

.. During the Mar-a-Lago meetings, Chinese officials noticed that, on some of China’s most sensitive issues, Trump did not know enough to push back.

.. “Trump is taking what Xi Jinping says at face value—on Tibet, Taiwan, North Korea,”

.. “The Chinese felt like they had Trump’s number,” he said. “Yes, there is this random, unpredictable Ouija-board quality to him that worries them, and they have to brace for some problems, but, fundamentally, what they said was ‘He’s a paper tiger.’ Because he hasn’t delivered on any of his threats. There’s no wall on Mexico. There’s no repeal of health care. He can’t get the Congress to back him up. He’s under investigation.”

.. a Beijing think tank, published an analysis of the Trump Administration, describing it as a den of warring “cliques,” the most influential of which was the “Trump family clan.”

.. The Trump clan appears to “directly influence final decisions” on business and diplomacy in a way that “has rarely been seen in the political history of the United States,” the analyst wrote. He summed it up using an obscure phrase from feudal China: jiatianxia—“to treat the state as your possession.”

European Finance Chiefs Hit Out at U.S. Tax Plans

the BDI Federation of German Industry, Germany’s most influential business lobby, warned some provisions of the bills ostensibly aimed at curbing corporate tax avoidance had “clearly a protectionist character.”

.. The ministers took specific issue with provisions in both the House and Senate versions of the tax bill, including proposed excise-tax payments to foreign-affiliated firms in the House version. They also cited a “base erosion” provision in the Senate version that would add tax to cross-border financial transactions.

 .. Mr. Liguori said software makers like SAP SE, based in Germany, could also get hit.

.. the reform would leave U.S. businesses facing lower domestic-tax rates than some of their European peers, putting governments under pressure to reciprocate.

.. For years, European governments and the U.S. have sought to combat beggar-thy-neighbor corporate tax policies
.. A provision of the House bill for a 20% excise tax on payments to foreign-affiliated companies, the Europeans warned, would discriminate against non-U.S. businesses operating in the country, contravene World Trade Organization rules and breach double-taxation agreements.
.. the proposed “base erosion and anti-abuse tax provision” contained in the Senate bill could harm international banking and insurance businesses because it would treat cross-border financial transactions between a company and a subsidiary as nondeductible, subjecting it to a 10% tax,