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Trump\'s China whisperer: How billionaire Stephen Schwarzman has sought to keep the president close to Beijing
Lago club in Florida has worked with a Palm Beach neighbor and billionaire financier to stop the move.
Private equity giant Blackstone Group chief executive Stephen Schwarzman declined to fund or support Trump during his 2016 presidential campaign.
But since the election, Schwarzman has become one of Trump\'s most generous donors and a key adviser to the president who has little and regular contact.
The New York investor has the closest relationship with Beijing, any US executive, who is in many ways the president\'s de facto Chinese speaker --
The man said Beijing\'s leaders were \"raping\" the United States and failing to fulfill their campaign promise to declare China a \"currency manipulator.
\"But this evening, on the terrace of the presidential Manor, Schwarzman\'s appeal to Trump is taking a new test.
President Obama says the new administration has launched a trade war. S.
Tariffs could be successful, according to a person familiar with the matter.
Schwarzman declined to disclose his response through a spokesman, but his colleagues said his main message to Trump over the past 14 months was consistent: Remember the broader importance of the United StatesS. -
A few days later, on March 7, Trump expressed his willingness to reach a compromise with Beijing on trade.
\"China was asked to develop a plan to reduce the massive trade deficit of One Billion dollars against the United States this year,\" he wrote on Twitter . \".
\"Our relationship with China is very good and we look forward to seeing what they think.
\"Trump started tariffs last week on steel and aluminum imports from countries like China, a move threatened by global retaliation.
However, he said he was \"very respectful\" to Chinese President Xi Jinping, which relieved the blow.
Since Trump\'s election
The relationship is rooted in business: until recently, the Chinese government also held a large stake in Blackstone, which operates billions of dollars in China.
Schwarzman said others thought he was an \"unofficial ambassador\" between the two countries and he donated a Chinese university in his own name. \"Mr.
Schwarzman has a good understanding of China, China\'s policies and the complexity of our economic relations due to its long-term participation in China, \"said Cui Tiankai, China\'s ambassador to the United States, said in an interview at the Chinese embassy in Washington last month.
A White House spokesman did not respond to requests for comment.
Schwarzman declined to comment.
Schwarzman may have lost this round on China, but his continued relationship with the president --
Especially after Gary Cohen, the White House economic adviser, left.
Let him be the last free man.
Trade advocates who have a direct relationship with Trump.
\"I don\'t think that will change anything,\" said Mark Weinberger, chief executive of accounting giant EY.
\"There will be another problem in Washington where you have to play a long game and continue to be a trusted advisor. \"---
On 2007, Trump and his wife Melania Trump attended the 60 th of Schwarzman.
Like the show-off scene in The Great Gatsby.
The Armory in Manhattan is decorated to replicate the 35-
The Park Avenue apartment used to be John D. Rockefeller Jr.
Performance by Rod Stewart and Patty LaBelle.
March 2007, shortly after the listing of Blackstone.
Beijing wonderful investment, controlled by the Chinese government, bought nine companies.
9% of the company\'s shares, $3 billion.
In an interview with Bloomberg News, Schwarzman said that China has never invested in foreign companies since World War II.
When he asked how the deal would be arranged, he said he was told that \"the prime minister himself must approve it \".
The investment is too low to trigger the US economic crisis. S.
National security review. (
The Chinese reduced their shares to 4.
According to a document submitted by the Securities and Exchange Commission last week, as of last year, they had sold 5% shares. )
Schwarzman\'s party and wealth have made him a symbol of Wall Street\'s excess.
His stake in Blackstone was valued at $7 billion in the public offering.
Despite the fact that 2007 of the financial crisis destroyed many companies, Blackstone\'s growth was significant, adding to his wealth.
Blackstone now says it has dozens of companies, employs 412,000 employees, and is the world\'s largest private equity firm and private real estate investor.
The 71-year-old Schwarzman has a net worth of nearly $13 billion and is rated by Forbes magazine as the top 35 in the country. wealthiest man;
Trump is ranked 248.
A company document says Schwarzman earned at least $0. 8 billion in 2017, one of the top salaries a listed company\'s chief executive received.
The longtime Republican, Schwarzman, informally advised the Republican and Democratic governments, but his financial support went almost entirely to the Republican Party.
In 2016, he donated $100,000 to the political action committee supporting presidential candidate Jeb Bush and $4.
7 million committee that supports Republican congressional candidates.
He gave Trump nothing.
\"I have known Donald for 40 years. He is P. T.
On November 2015, Schwarzman said on CNN that he was referring to the 19 th.
He refused to support his friend.
Still, he says Trump\'s \"political mistakes\" are good for democracy.
CNN reporter asked Schwarzman if he could support Trump given his position in China.
Trump has said that the Chinese leader is \"the greatest currency manipulator ever!
Schwarzman avoided the question and said: \"It is one thing to find a job and it is another thing to do a job.
According to a colleague, Mr Schwarzman\'s refusal to contribute or support the campaign annoyed Mr Trump, who said the candidate repeatedly asked after the Republican primary: \"How about Mr Schwarzman? According to two people familiar with the matter, Schwarzman met with Trump privately but still did not say anything.
During this time, Blackstone\'s real estate division did business with Trump\'s sonin-
The law, Jared Kushner, lent $0. 312 billion to Kushner.
During the Republican National Convention, its Brooklyn partner. On Sept.
2016, Schwarzman came to the Beijing campus of Xinghua University to announce
An annual master\'s program named after him and donated through his donation.
Schwarzman gave $0. 117 billion and raised another $0. 45 billion.
At the opening ceremony, Schwarzman praised Xi Jinping for recognizing that fear and misperception could divide the country.
Back in the United States, Trump declared during the campaign that Beijing\'s leaders were \"raping\" the United States.
But the two came together after the election.
According to colleagues from both sides, this is a mutually beneficial arrangement.
Schwarzman called Trump to congratulate him on his victory and offered to help.
Trump, who has a lack of contact with business leaders outside real estate, decided that Schwarzman would be the best candidate to help him develop relationships with some of the country\'s most influential CEOs.
He asked Schwarzman to lead the White House business advisory group.
Blackstone president is the \"most natural choice\" to assist Trump, said Hamilton James, executive vice chairman of the company.
\"The people Trump knows are the people in the real estate industry,\" James said . \".
\"Even so, the Internet is not that big, but even so, people don\'t want to deal with him.
So he needs someone to figure this out.
\"Around the same time that he was selected for the position by Trump, Schwarzman donated $250,000 to the Trump inaugural committee --
The surge in donations has made him one of the president and one of the largest financial supporters of the Republican National Committee. ---
Schwarzman\'s choice has not been welcomed by some in the presidential core circle.
Because of his close ties with China, some Trump advisers see him as a microcosm of the kind of globalisation that the president condemned during his campaign.
He got in the way of financial support in 2016, which annoyed him.
\"At the time, he didn\'t have a lot of supporters during the transition because he didn\'t help us at all, and a close friend of Trump who was involved in the discussion said he asked to talk anonymously about internal affairs.
Schwarzman has long been a global economic guide for developers and former reality TV stars.
He pointed out that Trump\'s \"basic job\" is real estate, and he told CNN in March 2017 that \"there are a lot of new and different things outside of this area.
\"For Schwarzman, China\'s policy is a natural area for expanding Trump\'s knowledge.
Former US Secretary of State Henry Kissinger has opened the door for the US government. S.
Under President Nixon, he advised Trump on China. He said in an interview that Schwarzman has a unique position in Beijing.
He knows more about the relationship between politics and the economic world. . . .
I have seen his achievements, because he has done a lot of useful things in China, so he has more opportunities to contact the Chinese.
\"A few days after Trump took office, Xi Jinping pulled Schwarzman aside at 2017 World Economic Forum in Davos, Switzerland, and this contact is obvious.
The two \"had a lively dialogue about Trump\'s views on China,\" said Kevin Rudd, a friend of Schwarzman and former Australian prime minister.
Kevin Rudd said Schwarzman tried to explain to Xi why Trump thinks Americans are unhappy with globalisation and China\'s trade deficit.
According to two people familiar with the matter, Schwarzman then returned to the United States to introduce his conversation with Chinese leaders to Trump and Treasury Secretary Steven Mnuchin.
Mnuchin did not respond to requests for comment.
Kevin Rudd said that Schwarzman \"is there in terms of being able to convey very direct messages in both directions \".
At the same time, Trump is under pressure from a group of nationalists to act on China --
The orientation consultant headed by the time
Chief strategist Steve Bannon
According to people familiar with Trump, they think Schwarzman is an opponent.
The people familiar with the matter said Bannon believed the United States was engaged in an economic \"war\" with China and was concerned that Schwarzman would withdraw his efforts.
Bannon declined to comment.
More moderate members of the government supported Schwarzman, who became more influential after he arrived at the White House in February.
2016. preside over the first meeting of the presidential forum on strategy and policy.
Trump told the group that he had \"known Schwarzman for a long time\" and added, \"He did a very good job. \"The 16-
Members include leaders of companies such as GM, JPMorgan Chase, Boeing, IBM and Walt Disney.
After media members left the conference room, Trump urged the chief executive to accept his view that China is a currency manipulator, according to several participants.
Trump said China is promoting exports at the expense of the US. S. jobs.
But the executives disagreed with Trump and pointed out conflicting evidence.
Speaking of Jamie Dimon, JPMorgan Chase\'s chief executive, Trump said, \"Jamie, they\'re currency manipulator, aren\'t they ? \"
The president, they spent $1 trillion to defend their currency, \"said Dimon, who said both asked for anonymity, according to a participant and a person familiar with the meeting, to describe the private deliberations of the White House.
Dimon did not respond to requests for comment.
Trump seems shocked.
\"I thought I had it,\" he said, according to a person who did not want to be named . \".
EY, chief executive of one of the world\'s largest professional services and accounting firms, said Schwarzman had others at the meeting convinced Trump.
\"The discussion turned immediately, no. . .
\"They didn\'t manipulate the currency,\" said Mr. weenberg . \"
\"The trade war with China is not the best thing for us. . . .
It is clear that he did not change his position on everything, but he understood better and he began to revise some.
Schwarzman went to Palm Beach on the magic weapon of Air Force One. schwazman has a magnificent family month of 1/2 kilometers on March-a-Lago.
Schwarzman\'s plan for that weekend included his 70-
The Birthday Party is more flustered than when he was 60.
In honor of Schwarzman\'s China relations, the gathering took the theme of \"Silk Road\" and three
According to the society magazine Avenue, the story Temple, trapeze acrobats and \"Oriental ribbon dancers\" are reported \".
Schwarzman invited Trump, but the president who met with the Japanese prime minister on March --a-
His daughter Ivanka Trump, her husband Kushner, and a number of Cabinet secretaries attended the party, where about 600 guests gathered to watch the fireworks show and listen to Gwen Si. \"---
Two months later, Trump is set to meet with Xi Jinping on March. a-Lago.
Schwarzman suggested how the president would deal with Chinese leaders.
As Trump later told the Washington Examiner, Schwarzman told the president: \"President Xi is a great man . \".
According to two people familiar with the matter, Trump met with Xi Jinping for three hours and avoided controversial issues.
People familiar with the matter said Schwarzman attended some of the meetings informally.
A few weeks later, Schwarzman announced on CNN, \"I don\'t think there will be any problems with China as a currency manipulator and some other things.
\"At that time, Schwarzman\'s company had a lot of deals with China.
In June 2017, Blackstone sold a logistics company Logicor for $13.
8 billion of Chinese investment funds controlled by the Chinese government.
This prompted Hong Kong-
\"Schwarzman has become a popular figure,\" China Weekly reported.
Serving Chinese buyers
In addition, Schwarzman and Commerce Minister Wilbur Ross convened a meeting of 20 Am US and Chinese business leaders at the Commerce Department in Washington on July.
On August, the consulting group led by Schwarzman was terminated after Trump lost business support for commenting on the violent protests in Charlottsville.
Trump said \"many sides\" are responsible for the conflict caused by the white supremacist and killed a protester.
Schwarzman stood by the president and said he was \"not angry \".
\"But, according to a group member, other CEOs convinced him that the group should be closed, although some feared that Trump would become more isolated by losing their advice.
Meanwhile, Schwarzman was criticized for his relationship with Trump.
Including complaints from some scholars from Beijing Schwarzman College.
In an email to scholars, Schwarzman said: \"In life, you often find it a good thing to have influence and provide reasonable advice, even if it leads to criticism or requires some sacrifice.
\"On December, those who did not give Trump a penny during the campaign contributed up to $344,400 to Trump\'s victory, according to the Federal Election Commission, the committee was set up to co-fund the re-election campaign and the Republican National Committee.
He also hosted one of the most successful fundraising events of the year at his Park Avenue Trinity, listening to temp for a month while more than 20 donors paid $100,000 for each lunch box roast chicken wings-minute talk.
Later that month, Schwarzman met privately with Trump on March. a-Lago.
Trump\'s complicated signal of how far Mr Schwarzman\'s proposal would go.
When he visited Beijing in November, he said China\'s trade policy was \"I don\'t blame China\", but he was shocked by China\'s record trade deficit with the United States in 2017.
But in January, Trump went to Davos, the ultimate global venue. A year ago, Schwarzman had a conversation with the Chinese president here.
This time, Schwarzman and Trump met privately at the summit. Schwarzman publicly praised Trump for rebuilding the economy and said he was one of Trump\'s strongest supporters.
\"This is a passionate moment,\" Schwarzman said in a panel discussion at the Davos summit . \".
\"It\'s not hard for you to make money. \"