White House chief economic adviser Larry Kudlow said he doesn’t see any barriers to the biggest American banks delivering loans to small businesses starting immediately and that there’s a “gigantic” list of banks involved in the process.
“They are ready to go,” Kudlow said Friday in a Bloomberg Television interview, adding that leading bankers were talking to Treasury Secretary Steven Mnuchin right up until the deadline yesterday. “I don’t see any barriers and roadblocks,” he said, though allowed that “there may be some small glitches.”
President Donald Trump’s top economic adviser spoke just after Labor Department data showed payrolls fell 701,000 last month in the first decline since 2010.
Separately Kudlow said the Trump administration never looked in any serious way at rolling back tariffs. “There is no tariff pullback right now,” Kudlow says, adding “individual cases can be examined.”
Pulling tariffs would send the wrong signal on trade policy, and agreements made before the pandemic should be maintained, he said.
“I would not expect to see any movement on tariffs right now,” he said.
“We looked a little bit at most-favored nation custom duties and we decided it was too complicated,” Kudlow said.
Bloomberg News reported earlier this week that President Donald Trump was briefed and signed off on a proposal to delay certain duty payments to help companies with their cash flow crunch. Trump denied on Tuesday that he had approved the plan.
The administration was previously considering an even broader idea to defer payments of all tariffs but decided on a narrower scope to exclude any enforcement duties that affect Chinese goods and steel and aluminum products from around the globe.
“We never looked in any serious way at rolling back tariffs,” Kudlow said. “We’re not going to change any of the tariff policies right now, not right now.”
When asked why the White House decided against granting an exclusion for an input that’s used to manufacture Purell hand sanitizer dispensers, Kudlow deferred the interviewer to the Office of the U.S. Trade Representative.
“On specific matters like this, I don’t want to rule anything in or out,” he said. “Individual cases can be examined,” he added, saying “he’s not up to speed” on the specifics of the case brought by Gojo Industries, the Akron, Ohio-based inventor and manufacturer of Purell products.
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