President Trump announced Thursday his decision to withdraw the United States from the Paris climate agreement and plans to begin negotiations to re-enter the same accord or an entirely new deal that is fair to American businesses.

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"In order to fulfill my solemn duty to protect America and its citizens, the United States will withdraw from the Paris climate accord, but [will] begin negotiations to re-enter – either the Paris accord or an entirely new transaction with terms that are fair to the United States, its businesses, its workers, its people, its taxpayers," Trump said in an address at the White House Rose Garden.

In an interview on FOX Business’ “After the Bell,” Treasury Secretary Steven Mnuchin said the Paris climate accord is “not a good deal for the United States” and echoed Trump’s decision to renegotiate for a fair deal.

“As the president said, we’ve been one of the leaders in reducing carbon. We’ve been reducing our emissions. We’ve been one of the best countries for the environment and the president is committed to renegotiating deal but a deal that’s fair for us,” he said.

The Treasury Secretary said Trump will negotiate a deal that is good for the American public.

“The first issue is the president will sit down and have people negotiate with other countries and make sure that he’s comfortable with a good deal and then he will decide whether he ratifies it or he wants to bring it to Congress, Mnuchin said.

Additionally, Mnuchin said the administration is still focused on tax reform and economic growth.

“The president is committed [to] simplifying personal taxes, delivering a middle income tax cut and making business taxes competitive. And we’ve been working very closely with the House and the Senate— I’d like to think this will be bipartisan. These are about issues that are good for the American public about creating jobs, good for small business – but if we don’t, we are prepared to go forward with reconciliation,” he said.