National Economic Council Director Larry Kudlow said Monday he expects China to drop its retaliatory tariffs on U.S. ag commodities very soon in order to boost imports, as promised.
There is still a lot in flux as the dust settles from the U.S.-China meetings over the weekend and time lines are unclear, but Kudlow said he's optimistic the Chinese will follow through with their promises.
"My expectation is that China will roll back those tariffs quickly," Kudlow told reporters.
Kudlow, who accompanied President Donald Trump to Buenos Aires for a G20 summit and trade meetings with Chinese President Xi Jinping, said even though talks to end the trade war before have failed, he believes this time will be different.
In a tweet this morning, Trump said U.S. producers stand to quickly benefit from the discussions.
Farmers will be a a very BIG and FAST beneficiary of our deal with China. They intend to start purchasing agricultural product immediately. We make the finest and cleanest product in the World, and that is what China wants. Farmers, I LOVE YOU!
— Donald J. Trump (@realDonaldTrump) December 3, 2018
During the meetings this weekend, Kudlow said he got explicit promises from Chinese Vice Premier Liu He that the country is serious about reaching a deal with the U.S.
"He said several times - and I pushed him on this - that the China changes with respect to tariffs and non-tariff barriers...would begin immediately," Kudlow said.
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