NEC Director Larry Kudlow told reporters the G7, for the United States, will be to promote the growth and trade policies of the United States and how they can affect and improve the world economy as a whole.

Kudlow said President Trump will hold bilateral meetings with Canada's Prime Minister Trudeau and France's President Macron. He took a very cautious approach when asked to name the outcomes the administration is hoping to come from the G7, saying "we'll see what comes of it," and "let them meet first."

Kudlow also noted that on the even of the president's summit with Kim Jong Un, is shared security issues. In response to CBS News' Weijia Jiang's question later on, he dismissed concerns that North Korea will be facing a fractured western front, due to trade disputes, and that Mr. Trump might be distracted during the G7 by the looming meeting with Kim Jong Un.

Asked if alliances are at a low point due to the aforementioned trade disputes, Kudlow also downplayed the disagreements and once again labeled it as a "family quarrel" that can be worked out. He said he's an optimist and he's always hopeful on that point.

How would he describe Mr. Trump's relations with Prime Minister Trudeau? Kudlow said the two talk "a lot" and continue to do so. He characterized the leaders' scheduled meeting as a "really good thing" where they can walk through a lot of issues. He also remains certain that the United States and Canada will continue to be firm allies, "whatever short term disagreements may occur."

Get Breaking News Delivered to Your Inbox

No decision has been made by both sides on whether to lift the ban on ZTE.

He labeled a report that Treasury Secretary Steve Mnuchin asked Mr. Trump at a meeting to extend the exemption on tariffs against Canada as "incorrect," but didn't say if the comments were said at all.

He said he didn't want to "go around the horn" on which administration officials feel what about various elements of the trade strategy and this particular issue with Canada.