January 15, 2020 / 3:15 PM / 4 months ago

Kudlow says U.S. will eye success of Phase 1 China trade deal

FILEW PHOTO: White House economic adviser Larry Kudlow speaks to reporters at the White House in Washington, U.S., January 22, 2019. REUTERS/Kevin Lamarque

WASHINGTON (Reuters) - U.S. tariffs will remain on Chinese imports while the Trump administration sees how enforcement plays out under the Phase 1 trade deal with Beijing, White House economic adviser Larry Kudlow said on Wednesday.

In a round of media interviews ahead of ahead of the White House signing of the trade agreement, Kudlow said that if China can abide by the initial trade agreement it could signal a new chapter between Washington and Beijing.

But the United States was also prepared to take action if China does not abide by the deal, including failing to meet its purchase targets, he said.

Talks regarding a Phase 2 U.S.-China trade deal will begin as soon as the Phase 1 deal is signed, he told Fox News in an interview.

The initial trade agreement between the world’s two largest economies, first announced in October, is set to be signed at a White House ceremony at 11:30 a.m. (1630 GMT).

Kudlow, who spoke to reporters at the White House as well as to CNBC, also said there is no understanding with China about future tariff actions, adding the Beijing had already seen significant relief.

Reporting by Andrea Shalal, Jeff Mason and Susan Heavey; Editing by Chizu Nomiyama

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