White House economic adviser Larry Kudlow touted President Trump for securing better trade deals for the American people, claiming doing so will increase economic growth.
Kudlow made those remarks during an interview Sunday saying, “They’re going to reduce uncertainty and probably pick up some important business investment spending.”
The economic adviser continued by saying, “Not only is this positive for economic growth, but it does show that President Trump’s example of being a tough, hard-nosed bargainer on trade an economic matters works.”
Kudlow also expressed his confidence in the passage of the USMCA, which is likely to be voted on in the lower chamber later this week.
Meanwhile, his remarks also come just days after President Trump announced the U.S. and China have finalized the first phase of a bilateral trade deal.
The president made the announcement via twitter on last week saying, “They have agreed to many structural changes and massive purchases of Agricultural Product, Energy, and Manufactured Goods, plus much more.”
President Trump continued by saying the 25% tariffs targeting various Chinese products will remain in place, but the previously scheduled tariffs set to take effect this past weekend would not be enacted.
The president continued, “We will begin negotiations on the Phase Two Deal immediately, rather than waiting until after the 2020 Election. This is an amazing deal for all.”
The announcement comes just weeks after a signing was previously expected to take place at the APEC summit in Chile before it was canceled over widespread civil unrest across the nation.
Although some details of the trade deal remain unclear, the preliminary agreement mandates China will nearly double its imports of American products, which includes a spike in agricultural goods, within the next two years.
In exchange for the spike in American imports, some U.S. tariffs targeting Chinese goods will be lifted.
It is unclear when Washington and Beijing are expected to sign phase one of the bilateral trade deal.