The so-called "phase one" trade deal between Washington and Beijing has been "absolutely completed," White House economic advisor Larry Kudlow said on Monday, adding that U.S. exports to China will double under the agreement.
SOUNDBITE (ENGLISH): WHITE HOUSE ECONOMIC ADVISOR LARRY KUDLOW, SAYING: "Make no mistake about it.
The deal is done.
The deal is completed." White House economic advisor Larry Kudlow on Monday tried to address fears the "phase one" trade deal between the U.S. and China, which was finalized last week - two months after it was first announced - could fall apart.
Under the trade agreement with China, the world's two biggest economies halted new tariffs that were set to go into effect over the weekend and the U.S. will reduce some tariffs on Chinese-made goods already in place.
In return, Beijing, according to Kudlow, has agreed to open its wallet.
SOUNDBITE (ENGLISH): WHITE HOUSE ECONOMIC ADVISOR LARRY KUDLOW, SAYING: "One of things that it covers - not just agriculture - but the deal includes Chinese purchase of American goods and services across the board - that includes ag, that includes energy, it will include a number of industrial areas as well.
We are going to double, we are going to U.S. exports.
The positive effects on economic growth in this country can not be exaggerated.
That's why I keep calling this 'growthier,' and that's why I think, in addition to lowering the tempers and putting some more certainty into it, I think you're going to get a very good business year out of this." While U.S. officials have been quite vocal about the deal, Chinese officials have been more cautious, emphasizing the trade dispute has not completely been settled.
Nevertheless, Kudlow is optimistic and said senior officials from both sides are likely to come together in early January to sign the accord.