US-China see trade progress, but Trump still shrewdly negotiating: Larry Kudlow

White House Economic Council Director Larry Kudlow told FOX Business that the U.S. continues to make progress towards resolving the trade dispute with China.

“We’ve made some progress with China in the deputy’s meeting in Beijing,” Kudlow said during an interview on “Bulls & Bears” Friday. “Nothing has been resolved, nothing on paper, no contracts" he said, noting that recent news reports of a deal being imminet  are not accurate at this time.

However, President Trump does remain optimistic on the prospect of reaching a trade deal and is shrewdly negotiating with Beijing to strike the best deal for the U.S. “He wants to make a China deal that is a great deal for America and its workforce and its farmers and its manufacturers and its technology,” Kudlow said.

A U.S. team led by Deputy U.S. Trade Representative Jeffrey Gerrish, and representatives from the U.S. Departments of Agriculture, Commerce, Energy and Treasury, along with White House senior officials, met with China’s Foreign Ministry a little over a week ago as the two sides look to end the trade spat that is striking fear of a global economic slowdown.

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The world’s two largest economies have been locked in a trade war since last year that has resulted in a tit-for-tat tariffs against each other's goods. U.S. financial markets are also following and reacting to reports on progress and setbacks.

Kudlow said a U.S. - China trade deal is vital to the growth of the U.S. economy. “The China trade talks will have an impact on future growth in the United States and prosperity and jobs and profits,” he said.