U.S. President Donald Trump said he would wait until after the presidential election in November to finish a "phase two" trade deal with China.

Speaking to reporters at the White House after presenting his administration's proposed changes to the National Environmental Policy Act, Trump said the U.S. will soon start negotiating the second phase of its trade pact with China, but the deal "will take a little time" before it is completed.

"I think I might want to wait to finish it until after the election, because by doing that I think we can actually make a little bit better deal — maybe a lot better deal," Trump said.

Officials from China and the U.S. will sign a "phase one" trade agreement Jan. 15 in Washington, D.C. The initial deal will lead to the cancellation of additional tariffs on Chinese goods, and the exemption of a number of U.S. goods from countervailing tariffs.

Trump, who is running for reelection, had said he will later travel to Beijing to begin the second round of talks.