Soros says the US and China are in a cold war that could turn hot.
Hungarian-born American billionaire George Soros warned on Thursday (24) that the US and China, the two largest economies in the world, are in "a cold war that could soon become hot"; he harshly criticized current US policy towards the Asian country, pointing out that Trump is wrong and simplistic in waging a "trade war against practically everyone" when he should "focus on China".
247, with Sputnik - Hungarian-born American billionaire George Soros warned on Thursday (24) that the US and China, the two largest economies in the world, are in "a cold war that could soon turn hot".
During one of the meetings at the World Economic Forum in Davos, Switzerland, Soros stated that the US and China are in a "cold war that could soon turn hot" and that Washington should adopt a tougher line towards Beijing.
Soros, a major contributor to the US Democratic Party, criticized the Trump Administration's stance on China, arguing that instead of "waging a trade war against virtually the entire world," it "should focus on China."
In particular, the billionaire called on the US to take tough measures against Chinese tech giants such as Huawei and ZTE.
He also stated that US President Donald Trump's decision to classify China as a "strategic competitor" was "far simplistic."
"An effective policy toward China cannot be reduced to a slogan," the investor stated, adding that the policy "must be much more sophisticated, detailed, and practical, and must include a US economic response to the new Belt and Road Initiative."
According to Soros, Trump "seems to be following a different path: making concessions to China and declaring victory while renewing his attacks against US allies."