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Larry Kudlow. Photo: Mark Wilson/Getty Images

The news that the U.S. economy grew 3.2% the first quarter of this year gives the U.S. some "leverage" in upcoming trade talks with China, National Economic Council director Larry Kudlow said Friday on CNBC's "Squawk on the Street."

"I'm cautiously optimistic about the deal ... China's economy is slumping and has been for some time."
— Larry Kudlow

Yes, but: Axios' Courtenay Brown reported earlier this month that China's economy grew 6.4% in Q1 on an annual basis, exceeding analysts' 6.3% growth estimate. But, analysts did warn that it's "too early to call a sustainable turnaround," per Reuters.

Driving the news: President Trump on Thursday sparked a flurry of anticipation, the New York Times reported, when he suggested there will be a visit from Xi soon.

  • While Trump kept his comments vague, people familiar with the situation told NYT that the hope is for Trump and Xi to sign an agreement in May or June.
  • And, earlier this month, Trump suggested an "epic" trade deal could be getting closer, per NYT.

What's happening now: Trade negotiations are continuing on April 30 in Beijing, when U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing, the White House said on Tuesday.

  • Chinese Vice Premier Liu He will continue the trade talks with a delegation in D.C. on May 8.

Go deeper:

  • China's Xi signals approval for Trump's trade war demands (Bloomberg)
  • China and Canada fall away as Mexico becomes the U.S.’ biggest trading partner (SCMP)
  • Why China's stimulus isn't all good (Axios)

Go deeper

North Carolina Sheriff's deputy fatally shoots Black man

A Black man was fatally shot by a North Carolina sheriff's deputy in Elizabeth City, northeast of Raleigh, on Wednesday, igniting protests in the local community.

Details: Pasquotank County Sheriff Tommy Wooten said at a news briefing the State Bureau of Investigation was investigating the shooting of Andrew Brown Jr., which happened about 8:30 a.m as deputies were serving a search warrant.

Pew: Over 80% of Asian adults say violence against them is increasing

Photo: Spencer Platt/Getty Images

More than 80% of Asian adults say that violence against them is increasing, according to a new Pew Research Center survey.

The big picture: The survey, conducted April 5-11, comes after the recent shootings in Atlanta in which eight people, including six Asian women were killed, as well as a yearlong spike in hate incidents against the Asian American and Pacific Islander (AAPI) community.

China's government tied to new hack attacks targeting U.S. government

A member of the hacking group Red Hacker Alliance monitoring global cyberattacks on his computer at their office in Dongguan, China's southern Guangdong province. Photo: Nicolas Sfouri/AFP via Getty Images

The Chinese Communist Party is believed to be responsible for newly found hack attacks on the U.S. government, businesses and American infrastructure, cybersecurity company Mandiant said Wednesday.

Why it matters: This is the third major cybersecurity breach to hit the U.S. in recent months — including two in March blamed on hackers linked to China's government: one targeting 30,000 U.S. victims, including small businesses and local governments, the other hitting Microsoft.