In a resealable plastic bag, combine cornstarch, salt, and pepper. Mix thoroughly. Add steak slices to cornstarch mixture and shake bag to lightly coat.
Place one layer of breaded steak strips into the fryer basket and carefully lower basket into the preheated oil. Deep fry steak slices until golden brown, about 3 to 5 minutes. Remove from oil and set aside.
In a medium saucepan, combine soy sauce, vinegar, honey, sugar, chili powder, water, and ginger. Mix well and cook over medium heat until sugar has dissolved.
Heat a wok or deep frying pan over medium-high heat. Add one tablespoon of oil and quickly saute the onion, garlic, and red pepper for 30 seconds. Add sauce mixture and cook another 30 seconds. Add strips of fried steak and toss to heat through and coat with sauce.
