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China is 'cleaning our clock right now, and we have no plan': Democratic presidential candidate

Kenneth Underwood
Senior Producer

A trade truce between the U.S. and China sent the S&P 500 (^GSPC) to a record high Monday, but as investors rejoiced, one Democratic presidential candidate questioned President Donald Trump’s long-term plan.

“What's the larger strategy that's going to help us with our relationship with China? What are we doing to help us compete with China? And the answer is nothing,” Ohio Congressman Tim Ryan told Yahoo Finance’s On the Move, adding that tariffs is just a tactical move and has not been a part of an overall strategy “that’s going to help us with our relationship with and compete with China.”

Trump took to Twitter over the weekend to boast about his meeting with Chinese President Xi Jinping and the the trade truce:

Despite the trade truce, both the U.S. and China made no plans to reduce the current tariffs on one another’s goods. Now with the president back in Washington, Ryan questioned the tit-for-tat moves.

“The tariffs are on, the tariffs are off, the tariffs are on, the tariffs are off. He's backing off on Huawei, which I think is a real national security issue. What's the plan for us to win the 5G battle? What's the plan for us to win the 6G battle?” said Ryan.

Shares of big name chipmakers, including Micron (MU) and Qualcomm (QCOM), jumped Monday after Trump said the U.S. plans to lift the ban on Huawei, allowing U.S. companies to do business with the Chinese telecom giant.

U.S. President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, June 29, 2019. REUTERS/Kevin Lamarque TPX IMAGES OF THE DAY

Ryan, who warned that the U.S. is behind China, said the government has a responsibility to work with the private sector in education, research and infrastructure so the U.S can dominate these industries.

“What's the plan for us to dominate the electric vehicle market, which China dominates about 40% to 50% now? What's the plan for us to dominate the solar panel market, which China dominates about 60% now?” said Ryan. “They're cleaning our clock right now, and we have no plan.”

“He’s so distracted. And I think he's more concerned about getting on TV and dominating the news cycle than he is having a long-term plan,” he said. “And to me that's the biggest issue in facing the country right now is that China has a 10-year plan, a 30-year plan, a 50-year plan, a 100-year plan, and our president is operating in a 24-hour news cycle.”

Kenneth Underwood is a senior producer for Yahoo Finance. Follow him on Twitter @TheKennyU.

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