There will be a "successful agreement" between the United States and China if several priority items are part of the deal's first phase and if the agreement holds China accountable, Rep. Kevin Brady, the GOP ranking member on the House Ways and Means Committee, said Thursday.
"My sense is that they're actually tackling the priorities we hope will be in phase one," the Texas Republican told CNBC's "Squawk Box," listing items such as intellectual property matters, ending forced tech transfer, and removing the barriers on financial services and agriculture.
"If those are reflected in a phase one agreement, I will tell you that would be a very successful agreement," said Brady.
He added that the White House has been "very careful" not to oversell the deal, but "obviously, you know, theft of intellectual property is huge.
Meanwhile, the biggest challenge with China is the lessons that have been learned from past agreements with former presidents,' said Brady.
"You've got to hold them accountable and I think they've spent a great deal of time there," said Brady, adding that he does think the Trump administration could have accepted a "skinny deal" much sooner, but in the end, it wants to "reset that whole trading relationship."
President Donald Trump Thursday said on Twitter that China and the United States are "very" close to a "big deal," as "they want it and so do we."
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