CNBC's economic analyst Larry Kudlow has accepted President Donald Trump's offer to join the administration as Director of the National Economic Council.
Kudlow, a former associate director of the White House Office of Management and Budget in the Reagan administration, will be replacing Gary Cohn, who resigned last week. CNBC, the network where Kudlow has long hosted a television show, first broke the story.
Kudlow confirmed reports that Trump offered him the position on Tuesday and that he had accepted. Kudlow also said he has a personal and professional relationship with the president that spans over two decades, and he is excited to be joining the White House.
"I've known him and interviewed him for over 20 years. I'm very comfortable with him and I can't wait to start," Kudlow said.
The White House confirmed that Kudlow was offered the position and had accepted.
Cohn resigned in protest over Trump's decision to implement tariffs on the importation of steel and aluminum. Cohn, who previously served as President and Co-Chief Operating Officer of banking giant Goldman Sachs before being tapped by the president to join the administration, had attempted to push the president to jettison his campaign pledge to institute tariffs.
Kudlow has also long been a supporter of free trade and even criticized the president when the initial announcement on steel and aluminum tariffs was made last week. Trump said on Wednesday that he had faith in Kudlow's abilities and appreciated they didn't agree on everything.
"We don't agree on everything, but in this case I think that's good," Trump said. "I want to have different opinions. We agree on most."
The president also said that Kudlow has come around on the topic of tariffs as a tool for negotiating with America's allies and competitors.
"He now has come around to believing in tariffs as a negotiating point," Trump said.
Kudlow said he was confident in his ability to argue the merits of his viewpoints, but added that his main goal would be to execute the president's economic agenda successfully.
"I'm looking forward to serving the president," he said. "The way I was brought up in the Reagan years, you talk it out and you argue it out, but once the president has made a decision, that's it. My job is to execute. You don't go through these endless bureaucratic things and delays. The National Economic Council is in some ways an information broker and I look forward to that role."
This story is developing and will be updated once more information is forthcoming.