The U.S. and China are “close” to a phase one trade agreement, White House economic adviser Larry Kudlow told FOX Business’ Stuart Varney on Friday morning.
A good deal will address foreign tariffs, intellectual property theft and forced technology transfer and would be great for “both our economies," he added.
If a deal like that cannot be reached, however, President Trump is determined to “defend America and to defend the American economy and defend the American worker, the farmer, the technology person," Kudlow said. Talks between the two nations have been constructive, he says.
China’s Ministry of Finance announced Friday the removal of tariffs on some soybean and pork purchases as the two sides continue to work toward a deal.
The announcement appears to be a measure of goodwill, with the U.S. scheduled to place tariffs on about $156 billion of Chinese goods on Dec. 15.
The world's two economic superpowers have placed tariffs on hundreds of billions of dollars of one another's goods amid the more than 21-month-long trade dispute, which started with the U.S. announcing steel and aluminum levies in March 2018.
Beijing has called on the U.S. to roll back tariffs on all Chinese goods as part of a partial trade agreement, something Trump has said he won't do.
"We cannot let any power, be it China or any other power, steal our dreams, our plans, our creativity,” Kudlow said.