Director of the National Economic Council under President Trump Larry Kudlow says ‘the progress is good’ when it comes to a possible U.S.-China trade deal.
President Trump promised payouts for farmers caught up in the China trade war before Thanksgiving on Sunday.
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“Our great Farmers will recieve another major round of ‘cash,’ compliments of China Tariffs, prior to Thanksgiving. The smaller farms and farmers will be big beneficiaries. In the meantime, and as you may have noticed, China is starting to buy big again. Japan deal DONE. Enjoy!” Trump wrote on Twitter.
In the past, the Trump administration has used the Commodity Credit Corporation’s ability to make direct payments to compensate farmers for billions in losses due to tariffs.
Trump’s claim comes as the U.S. and China are putting the finishing touches on an initial trade deal, but they aren’t done yet.
The first phase of an agreement that may have as many as three phases will be “relatively limited in scope,” with the major focus being on “current trade” and whether China is willing to commit to $40 billion to $50 billion of agriculture purchases, Commerce Secretary Wilbur Ross told FOX Business’ Maria Bartiromo on “Mornings with Maria” on Friday. If China is willing to commit, the U.S. wants to make sure there are no “escape hatches to the commitment,” Ross said.
“The important thing is to make sure that the deal is what we think it is,” Ross added.
FOX Business’ Jonathan Garber contributed to this report.
