China Tariffs

"There will be 'tax cuts 2.0,'" Larry Kudlow, director of the White House National Economic Council, said. 

Blackstone Group's CEO told FOX Business' Neil Cavuto people responsible for "implementing" phase one in China are "enthusiastic" about the future.

Trump said it is a "landmark agreement."

All three of the major averages are trading in record territory.

The pact, which may add half a point to U.S. GDP this year, is only the initial phase of a broad agreement that Trump has said may come in as many as three sections.

Trump signed the first phase of a trade deal with China on Wednesday, marking an easing in tensions that have rattled global markets.

Under the phase one U.S.-China trade agreement, Beijing has agreed to buy between $40 billion and $50 billion in American agriculture -- roughly 25 percent of overall purchases, the secretary of agriculture said.