White House economic adviser Larry Kudlow said on Friday that the United States and China were making progress on trade negotiations but reaching a deal would take time.
“We’ve made some progress with China in the deputy’s meeting in Beijing,” the veteran financial guru and former Ronald Reagan adviser told Fox Business Network.
"We're making progress in negotiating on the grandest scale between the two countries ever, we're covering everything," Kudlow told reporters.
"It's going to take time. We are moving," said Kudlow, the head of the National Economic Council that advises President Donald Trump.
"I'd love to make a deal. I'm a free trader but it's got to be a great deal," said Kudlow, who served as the Trump campaign's senior economic adviser.
“Nothing has been resolved, nothing on paper, no contracts" he said, noting that recent news reports of a deal being imminent aren't accurate at this time.
However, Trump does remain optimistic on the prospect of reaching a trade deal and is shrewdly negotiating with Beijing to strike the best deal for the U.S.
“He wants to make a China deal that is a great deal for America and its workforce and its farmers and its manufacturers and its technology,” said Kudlow, who worked as Reagan’s budget deputy between 1981 and 1985.
Kudlow said a U.S.-China trade deal is vital to the growth of the U.S. economy. “The China trade talks will have an impact on future growth in the United States and prosperity and jobs and profits,” he said.
Chinese Vice Premier Liu He will visit the United States on Jan. 30 and 31 for the next round of trade negotiations with Washington.
Liu's visit follows lower-level negotiations held in Beijing last week to resolve the bitter dispute between the world's two largest economies by March 2, when the Trump administration is scheduled to increase tariffs on $200 billion worth of Chinese goods.
Material from Reuters was used in this report.
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