White House economic adviser Larry Kudlow predicts that Y 2020 “will be a very, very strong economic year” as the jobs market only stands to get stronger in the wake of Friday’s China-US trade deal.
“I think it will be pro-growth. I think it will help business confidence and business investment,” Mr Kudlow said.
Kudlow spoke hours after the US and China cooled their trade dispute on Friday, announcing a “P-1” agreement that reduces some US tariffs in exchange for increased Chinese purchases of American farm products and other goods.
Beijing has agreed to buy $32-B in additional agricultural goods over the next 2 yrs, US officials said, from a baseline of $24-B purchased in Y 2017, before the trade war started. China would also ramp-up purchases of US manufactured goods, energy, and services, Reuters explained.
The US would suspend tariffs on Chinese goods due to go into effect on Sunday, and reduce others, officials said. A deal is expected to be signed the 1st week of January in Washington by principal negotiators.
Meanwhile, the veteran financial guru and former Ronald Reagan adviser speculated that the China trade deal could boost the US GDP. “probably half a point, it’s almost impossible to say.”
“I think the 4th quarter will surprise everybody with strength,” said Kudlow, the head of the National Economic Council that advises President Trump.
“The way the stock market is going, it looks like 2020 will be a very, very strong economic year,” said Mr. Kudlow.
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