President Donald Trump will grant the Presidential Medal of Freedom to “Trumponomics” economist Arthur B. Laffer, one of the most influential economists in American history, the White House said in a statement on Friday, May 31.

The Medal of Freedom, the highest civilian honor in the United States, will be awarded to the conservative economist on June 19.

This prestigious award is designed to respect individuals who have made especially meritorious contributions to the security or national interests of the United States, to world peace, or to cultural or other significant public or private endeavors.

Tiger Woods is awarded the first recipient of the Medal of Freedom from President Donald Trump. (Manuel Balce Ceneta/AP Photo)

Laffer is known as the “Father of Supply-Side Economics.” His economic theory, the Laffer Curve, established the strong incentive effects of lower tax rates that spur investment, production, jobs, wages, economic growth, and tax compliance.

During his distinguished career, Laffer served as the first chief economist for the Office of Management and Budget and a top economic adviser to President Ronald Reagan. He was also a consultant to the Department of Treasury and the Department of Defense.

The White House said Laffer’s public service and contributions to economic policy have helped spur prosperity for the United States.

According to Bloomberg, the 78-year-old Laffer advised President Trump during his presidential campaign and is the co-author of the book titled “Trumponomics: Inside the America First Plan to Revive Our Economy.”

Speaking on CNBC on Friday, Laffer said, “Tariffs are not a good economic solution to anything,” but hoped President Trump can use them as a negotiation tactic in his trade deals.

“I believe the president (Trump) is a great negotiator, and I am very hopeful that it will be very successful in bringing tariffs down across the world,” he said.

Laffer is just the second recipient of Medal of Freedom from President Trump after professional golfer Tiger Woods who received the award in early May.