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Hedge fund manager Kyle Bass: Our relationship with China has taken 'major step' for the worse

One prominent hedge fund manager and bear on China said Friday that this week's developments in U.S. and Chinese relations signify a "tectonic shift."

"I think it took a major change, a major step for the worse yesterday," Hayman Capital Management's founder and chief investment officer, Kyle Bass, said on CNBC's "Squawk Box." "And I find all of the optimism to be questionable."

Bass noted that the U.S. on Thursday announced sanctions on a Chinese firm and two Chinese citizens for their dealings with North Korea. Also on Thursday, the Trump administration told Congress of a proposed $1.42 billion in arms sales to Taiwan, Reuters reported, citing a U.S. State Department spokeswoman.

Taiwan's independence from Beijing is a red-line issue for China.

"We firmly oppose the arms sale to Taiwan," China's Foreign Ministry spokesman Lu Kang said in a press briefing Friday. "We urge the U.S. side to abide by its solemn commitment to the 'one China' principle, stop the arms sales to Taiwan and any military contact to avoid further damage [to] our relations, and important cooperation in other...


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