China has chance to dodge Trump's tough December tariffs: Kudlow

U.S.-China trade talks continue to move in the right direction, according to President Trump's top economic adviser Larry Kudlow.

Continue Reading Below

"We've made a lot of progress," Kudlow said. "I think we're very close on opening financial services and the currency stability deal, which is essentially is an IMF deal. I think the agriculture, they started buying farm products, as you know, $40 [billion] to $50 billion worth.”

GET FOX BUSINESS ON THE GO BY CLICKING HERE

"If the talks go well on phase one, there is a chance we can get those December tariffs off,” he added.

The two sides are hoping to have an agreement in writing for Trump and Chinese President Xi Jinping to sign when they are in Chile for the Asia-Pacific Economic Cooperation meetings on Nov. 16 and Nov. 17.

Both Kudlow and Commerce Secretary Wilbur Ross, who was also on "Mornings with Maria" on Monday, said the U.S. won't do a deal just to do a deal – it has to be the right one.

"We would like to make a deal, but from our point of view it has to be the right deal and it doesn’t have to be in November," Ross said. "It’s more critical that it be a proper deal than exactly when it occurs.”

The comments from Kudlow and Ross come after Chinese Vice Premier Liu He said on Saturday that the two sides have made "substantial progress" in trade talks. He added that China is “willing to work in concert with the U.S. to address each other’s core concerns on the basis of equality and mutual respect.”

CLICK HERE TO READ MORE ON FOX BUSINESS

Earlier this month, the U.S. and China agreed in principle to a “phase one” trade deal. The deal includes China agreeing to raise its agricultural purchases to between $40 billion and $50 billion from $8 billion to $16 billion, in addition to making reforms on intellectual property and financial services. The U.S. did not raise tariffs from 25 percent to 30 percent on Oct. 15.