Top White House economic advisor Larry Kudlow pushed back on criticism of the tentative trade agreement with China, explaining why he sees the negotiations accelerating toward a more complete accord.
"People shouldn't be so pessimistic on the China talks and that some good things could happen," Kudlow said Thursday on CNBC's "Squawk on the Street." "For the skeptics out there, I appreciate that and I respect that but I'm telling you that there's a lot of momentum and there's agreement on both sides."
Wall Street analysts were among those skeptics, as Evercore strategists said the accord only "focused on the low-hanging fruit." The firm's analysts said they don't think the early agreement "clears the air for global corporations to decide on what matters most – where to invest, produce, hire or source." But Kudlow asserted that there will be new opportunities for U.S. companies, pointing especially to his expectation that China will be "lowering nontariff barriers on agriculture."
"There are also going to be various market access openings with respect to agriculture products and agriculture standards that the Chinese seem to be loosening up on," Kudlow said.
Representatives for President Donald Trump's administration are expected to meet with top Chinese trade negotiations in the next couple of weeks. China would like to see more details added to the first part of the trade deal before Chinese President Xi Jinping signs it, CNBC reported earlier this week.
