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NEW YORK (Reuters) - Oil prices rose and stocks rallied worldwide on Thursday after China said it had agreed with the United States to cancel tariffs in phases, a key consideration in reaching a deal to end a trade war that has crimped economic growth and roiled markets.

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FILE PHOTO: Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 6, 2019. REUTERS/Brendan McDermid

But U.S. stocks pared some gains after Reuters reported rolling back existing tariffs as part of a trade deal faces fierce opposition at the White House and from outside advisers, multiple sources familiar with the talks said.

The Dow and S&P 500 closed at record highs, while the Nasdaq missed a record close by less than two-tenths of a point.

A gauge of global equity performance surged to a 21-month peak, with a pan-European index at its highest since July 2015 after regional shares rose for a fifth straight session.

The dollar gained after comments from a Chinese commerce ministry spokesman about the terms of a potential trade deal prompted investors to dump perceived safe havens such as the Japanese yen, the Swiss franc, bonds and gold.

No timetable was indicated, but a “phase one” deal is widely expected to include a U.S. pledge to scrap tariffs scheduled for Dec. 15 on about $156 billion worth of Chinese imports, including cellphones, laptop computers and toys.

However, the idea of a tariff rollback was not part of the original October “handshake” deal between Chinese Vice Premier Liu He and U.S. President Donald Trump, sources told Reuters.

The initial news from China was positive, said David Kelly, chief global strategist at JPMorgan Funds in New York. But with operating earnings lower in a slowing

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