Trump confirms CNBC contributor Kudlow to be top economic adviser

"He was a brilliant speaker, presenter on the fundamentals of low taxes, sound money, balance budget and small government".

Mr Kudlow, a Republican who served as an economic adviser to former president Ronald Reagan in the 1980s and also worked on Wall Street, is an ardent advocate of "supply side" economic policies that focus on cutting taxes and reducing regulations. "It didn't happen", he said.

Mr Cohn, a Democrat who was seen as a moderating influence on Mr Trump's nationalist economic instincts, announced his resignation last week after a disagreement over the President's decision to impose steep tariffs on imports of steel and aluminium.

Kudlow told The Associated Press on Wednesday that he has accepted the offer, saying the US economy is poised to take off after Trump signed $1.5 trillion worth of tax cuts into law.

Kudlow will join an administration in the middle of a tumultuous overhaul, with a number of White House staffers and top officials departing in recent weeks.

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Trump seems increasingly determined to tax foreign imports, a policy that Kudlow personally opposes. Kudlow said that he is "in accord" with Trump's agenda and that his team at the White House would help implement the policies set by the president. He echoed his future boss' views that the North American Free Trade Agreement with Canada and Mexico needed fixing and said the European Union had "very bad protectionist policies". Earlier on Wednesday, Deputy Press Secretary Raj Shah said President Donald Trump "thinks very highly of Larry Kudlow".

Mr Kudlow, who was once fired from Wall Street after taking cocaine, was an informal adviser to Mr Trump during his campaign, and served in the Reagan administration...

Instead, Mr Kudlow told CNBC, where he has always been a commentator and host, that he would have preferred to see a "coalition" of major United States trade partners confront China to let the world's second-largest economy know that "they are breaking the rules left and right".

"We will work to have an orderly transition and will keep everyone posted on the timing of him officially assuming the role", Sanders said.

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