Trade negotiations between the U.S. and China will yield immediate results that will come even during the 90-day negotiation period ahead, National Economic Council director Larry Kudlow said Monday.
The two sides announced over the weekend that they reached an agreement in which further tariff escalation would be halted during the 90-day negotiation period. Earlier in the day, Treasury Secretary Steven Mnuchin said he also is optimistic that a deal can be reached following months of tensions between Washington and Beijing.
President Donald Trump has set reducing the trade deficit with China and addressing issues over intellectual property and technology theft as a major priority. He has threatened to level tariffs against all Chinese imports, which have totaled $394.7 billion so far in 2018.
However, Kudlow stressed that the U.S. is eager to keep trade lively with China so long as an agreement is reached.
“If China opens its markets as they promised to do, and they’re going to do it fast according to their promises, we will increase our exports substantially for the simple reason that whether it’s agriculture or industry, the U.S. is the most competitive economy in the world today as a result of pro-growth measures taken by President Trump, with lower taxes and deregulation and so forth,” he said.
Like Mnuchin, Kudlow said he wants to see quick resolution to the differences and “not let let this meander and wander on forever and ever.”
“All that needs to start fast, and we will be tracking it,” he said. “We will be tracking it, because we have had promises in the past from China and the promises have not worked out.”