A tired looking Larry Kudlow: Trump the greatest trade reformer in the past 20 years. "The world trading system is a mess. It has broken down."
Also says he thinks the trade efforts are contributing to improved business confidence.
Also says he thinks the trade efforts are contributing to improved business confidence.
Also says efforts to reduce trade gap with China focused on reducing tariffs and non-tariff barriers. Calls those structural change.
Likens trade quarrels with other members of the G7 to a "family quarrel".
"We may have disagreements... But [Trump] has always said - and I agree - that tariffs are tools and they should recognise how serious he is in that respect."
"We may have disagreements... But [Trump] has always said - and I agree - that tariffs are tools and they should recognise how serious he is in that respect."
Asked about trade deficit and what happens if it doesn't fall:
"I think it is reasonable to assume that if our neighbors and our allies lower their trade barriers we will export more."
"I think it is reasonable to assume that if our neighbors and our allies lower their trade barriers we will export more."
"One of the reasons for the breakdown in the world trading system, which the president is trying to fix, is that over the past 20 years there has been a breakdown in discipline."
"This president has the backbone to take the fight and he will continue to take the fight."
"This president has the backbone to take the fight and he will continue to take the fight."
"Don't blame Trump. Blame the nations that have broken away from those conditions. ... Trump is trying to fix this broken system."
One big thing missing from this briefing. An answer to the important question: What is Trump going to do next on China? What comes after Wilbur Ross' trip to Beijing?
Kudlow says Mnuchin did not recommend an exemption for Canada from steel tariffs. "That story is patently false." @ABC story here: abcnews.go.com/Politics/treas…
We're not getting many specifics on China or broader trade agenda here. Lots of sweeping statements. No real details.
"He regards himself as a free trader," Kudlow says of Trump. "His cause is just."
Kudlow also is playing down tensions with allies. "There's always tensions."
Watching @CNBC struggle to analyse that briefing right now. Trying to ascribe a strategy. Kudlow normally smooth. But this wasn't a hugely coherent presentation of a strategy...
"Was this a miscalculation by the administration to put Larry on?"
