National Economic Council Director Larry Kudlow said the new United States-Mexico Trade Agreement protects the American worker while promoting economic growth.

President Donald Trump on Monday said he plans to terminate the existing North American Free Trade Agreement, as he announced the new tentative agreement between the U.S. and Mexico that he described as "one of the largest trade deals ever made"

Trump also said “we’ll see” if Canada can still be part of the trade pact, leaving open the possibility of separate agreements.

On "Fox & Friends" on Tuesday, Kudlow described it as a "growthy" trade deal, and he predicted it will become "growthier and growthier."

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He said the agreement keeps the North American integrated supply chain going, opens up numerous markets, protects intellectual property, extends some patents and copyrights for new drugs and protects workers.

"It shows you two sides with good will can sit down and work out what is essentially a free trade deal -- fair trade -- and get it going. Nobody thought we could do it," Kudlow said. "And it’s going to promote economic growth [on] both sides of the border in my judgment."

As for a trade agreement with Canada, Kudlow said Trump doesn't want to put any timetable on the negotiations because he's committed to striking a "good deal" for the U.S.

He said that deal would have to include, among other things, intellectual property reform and a reduction of tariffs on U.S. dairy imports.

"And the president did say that if we cannot satisfactorily negotiate with [Canada], he may have to go to a large 20-25 percent tax on Canadian automobiles headed for the U.S.," Kudlow said. "That's part of his negotiating strategy, I would take him seriously."

He said Trump also aims to make trade deals with other countries, including Japan and the European Union, which puts China on the defensive.

"Our deal with Mexico shows that free trade, fair trade can be done, that a pro-growth trade deal can be made."

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