Former White House chief strategist Steve Bannon appeared on CNBC’s Squawk Box on Wednesday to defend President Donald Trump’s trade policy regarding China.

“This is a huge win for President Trump,” said Steve Bannon of the Phase I trade deal. “Trump has changed the entire center of gravity of the way even the elites have to think about China.”

Yesterday, the U.S. and China signed the first phase of the landmark trade deal negotiated by President Trump. In the terms of the agreement, China has committed to do more to prevent the theft of intellectual property and corporate secrets. China has also pledged to stop currency manipulation, and buy $200 billion of U.S. goods to help close the trade imbalance.

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“This is a very important and remarkable occasion,” Trump said as the agreement was signed, adding that correcting failed globalist trade deals is “probably the biggest reason why I ran for president. Together we are righting the wrongs of the past.”

Chinese leader Xi Jinping wrote in the letter that the Phase I deal is “good for China, the U.S. and the whole world.”

Trump is now getting ready to embark upon Phase II of the deal, which may ultimately lead to ending the tariffs that he has placed on China and a restoration of free trade.

“As soon as this kicks in we’re starting phase two,” Trump said. “I will agree to take those tariffs off if we’re able to do phase two, otherwise we don’t have any cards to negotiate with.”

Bannon agrees wholeheartedly with the President’s approach, and believes that the progress has vindicated Trump’s controversial trade war that has been criticized by strict free market ideologues.

“t’s the beginning of the end of the managed decline of the United States. It was [Trump’s] tariffs. He went against all economic orthodox, and was lambasted by the financial press. He stood up for the tariffs, and he broke the Chinese Communist Party,” Bannon said.

Bannon, who now hosts the War Room: Impeachment podcast, had a falling out with Trump after he left the administration, but a reconciliation may come in the near future. The President tweeted out several clips from Bannon earlier this week.

Trump retweets multi segments of a Fox News hit by Steve Bannon today 👀 https://t.co/SUrwrSzyMn

— Ben Jacobs (@Bencjacobs) January 13, 2020

If Bannon once again enters the President’s sphere of influence, it will be another strong nationalist voice in Trump’s ear when he needs it the most. Trump is dealing with the Senate impeachment trial heading into what is likely to be a contentious re-election campaign against his Democrat challenger in November.

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