“Larry Kudlow was offered, and accepted, the position of Assistant to the President for Economic Policy and Director of the National Economic Council," Press Secretary Sarah Sanders said. 

"We will work to have an orderly transition and will keep everyone posted on the timing of him officially assuming the role," she added. 

Known for his free-market stance, it will be interesting to see how 70-year-old Kudlow will co-exist in the administration with Trump's protectionist economic policies.

In an article he co-authored on March 3, Kudlow wrote that "tariff hikes are really tax hikes" and argued that American consumers will lose under Trump's tariffs on steel and aluminum. 

He argued that 5 million American jobs will be put in harm's way by the tariffs and the trade deficit could go up -- an issue Trump takes very seriously. 

Ironically, Kudlow's predecessor Gary Cohn resigned from his post last Tuesday for not agreeing with the tariff plan, which Trump signed last Thursday. 

This will not be the first time that Kudlow will work for an administration. He held different positions during former President Ronald Reagan’s first term between 1981-1985. 

He was also a chief economist at Wall Street investment banking giant Bear Stearns from 1987 until he was forced to resign from his $800,000 per year job in 1994 for cocaine use. The following year, he publicly announced his cocaine addiction and sought treatment. 

In December 2007, Kudlow said "there's no recession coming," and three months later, Bear Stearns collapsed during the global financial crisis. 

Kudlow joined CNBC television in 2001 as a host and ran his own show "The Kudlow Report" on the network between 2009-2014.