Soros: US and China Engaged in Cold War That Could Turn Into Hot One 'Soon'

Billionaire and Democratic Party donor warned on Thursday that the US and China, the world's two largest economies, are locked in a "cold war that could soon turn into a hot one."

Soros, a well-known critic of the Trump administration, said during a private dinner at the World Economic Forum (WEF) in Davos, Switzerland that Trump’s decision to call China a “strategic” competitor in 2017 was “too simplistic”, according to CNBC.

“An effective policy towards China can't be reduced to a slogan. It needs to be far more sophisticated, detailed and practical; and it must include an American economic response to the Belt and Road Initiative,” he said.

“Regrettably, President Trump seems to be following a different course: make concessions to China and declare victory while renewing his attacks on US allies. This is liable to undermine the US policy objective of curbing China's abuses and excesses. The reality is that we are in a cold war that threatens to turn into a hot one,” Soros added.

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China and the US have been stuck in a trade skirmish over import tariffs for several months. The World Economic Forum was originally planned to be a platform for delegations from the two sides to hold talks on trade relations, however, the US cancelled its delegation to Switzerland last week due to the ongoing government shutdown.

The next round of negotiations is scheduled to take place at the end of the month when Chinese Vice Premier Liu He travels to meet US officials in Washington.