President Trump’s chief economic adviser Larry Kudlow confirmed to FOX Business on Wednesday that Treasury Secretary Steven Mnuchin has proposed renewed trade talks with China.
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“There’s some discussions and information that we’ve received that the top of the Chinese government wishes to pursue talks,” Kudlow said during an interview on “After the Bell” on Wednesday.
The new high-level round of trade talks between the world’s top two economies comes amid a tit-for-tat trade war. The Trump administration is preparing tariffs on $267 billion of Chinese goods on top of the $200 billion the administration has already targeted.
“I always believe in most cases talking is better than not talking so I regard this as a plus,” Kudlow said.
Kudlow, the director of the National Economic Council, said the administration continues to make strides on the world trade front after the U.S. and Mexico agreed to a deal on overhauling the North American Free Trade Agreement (NAFTA).
“We are doing very well with Mexico,” he said. “We basically have an agreement in principal that I think will last.”
Last week, Trump described the negotiations between the U.S. and Canada as “intense” and suggested that the U.S. has been treated unfairly on trade.
“[Canada] and other countries have been taking advantage of the United States for many years and this is the president that has stopped it,” Trump told reporters.
Kudlow said the dairy industry continues to be a sticking point in trade negotiations with Canada.
“One of the big problems with Canada is a four letter word,” he said. “M-I-L-K.”