hopes to strike could include more tariff relief. On Wednesday, Treasury Secretary Steven Mnuchin said a second phase of the agreement that the U.S. Still, the White House has said it will leave tariffs on another $250 billion in Chinese products in place for now. It also agreed to cut duties on $120 billion in products to 7.5%. Under the agreement, the Trump administration scrapped tariffs initially set to take effect last month. Last week, Trump said he "might want to wait to finish 'til after the election, because by doing that, I think we can make a little bit better deal, maybe a lot better deal." aims to start talks on a second piece of the deal before the presidential election in November, Lighthizer said. He said American tariffs on Chinese goods will help the administration enforce the accord. will be able to tell by the spring whether it is enforceable. Trade Representative Robert Lighthizer told reporters Wednesday that the agreement has "real teeth" to address China's trade practices, adding that the U.S. "We're leaving tariffs on, but I will agree to take those tariffs off if we are able to do 'phase two.' In other words, we're negotiating with the tariffs," Trump said. The deal signed Wednesday brings some welcome relief for businesses that feared the duties - though the bulk of them will stay in place. and China want to dial back a tariff crossfire that threatens to wallop the global economy. Trump has pushed to crack down on what he calls China's abusive trade practices and follow through on one of his core campaign promises. The phase one agreement marks a major step in efforts to rein in a more than 18-month trade war between Washington and Beijing. He wrote that "in the next step, the two sides need to implement the agreement in earnest." and for the whole world," according to a translation. The Chinese leader called the trade deal "good for China, for the U.S. delegation as Trump spoke for nearly an hour before Chinese Vice Premier Liu He delivered a message from Chinese President Xi Jinping. Chinese officials stood silently next to the U.S. The president thanked administration officials, Republican lawmakers, Republican megadonor Sheldon Adelson, Fox Business Network host Lou Dobbs, former Secretary of State Henry Kissinger and current and former businessmen Steve Schwarzman, Nelson Peltz and Hank Greenberg, among dozens of people he recognized. Trump signed off on the agreement after lengthy remarks dishing on impeachment, golf, his 2016 victory, stock market gains, the Federal Reserve's interest rate policy and July 4 fireworks. stocks rose Wednesday before the deal signing.
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