White House economic adviser Larry Kudlow said Wednesday that European Union (E.U.) President Jean-Claude Juncker will be coming to Washington, D.C. next week with a “free trade offer” for President Donald Trump’s consideration.

He offered his remarks during a discussion with CNBC’s Jim Cramer at the Delivering Alpha conference in New York City, NY.

Partial transcript below.

KUDLOW: Jean-Claude Juncker, the head of the E.U., is coming to Washington next week. We will be in discussions, I am told. He’s bringing a very important free trade offer, okay? I am told. I can’t confirm that. This is what I’m hearing. Our ambassador, and others…

CRAMER: It could lower tariffs on both sides. That’d be very bullish, Larry.

KUDLOW: Yes, it could. Look, I was in the bilaterals – just to step back for a minute – with Justin Trudeau and President Trump and with President Macron and President Trump … so President Trump said to both Trudeau and Macron, and later to Merkel, “Let’s abolish tariffs, non-tariff barriers, and subsidies. Let’s work together together to do that, okay?” We made progress. There were no deals, okay? That communique broke down not because of those bilaterals – the bilaterals were great – but because of a press conference that Trudeau never should have given.



Now, I am told through our sources – including our ambassadors – that Merkel has been working on that, shaking up the E.U. …



CRAMER: Even after NATO, even after what looked like a very tough NATO discussion?



KUDLOW: Yes.



CRAMER: You’re more positive than I’ve heard about this meeting. Last question…



KUDLOW: I’m here to work with you on this. … In this game, predictions are impossible, but I’m just saying the president has put things on the table, the Europeans are looking at them, okay? And we may be pleasantly surprised, if not a factual deal, Jimmy, at least good solid negotiations on these topics.