Repeal
Noun, する verb, and の adjective
てっかい
ごめん。前言撤回するよ。
Sorry, I take back what I said.
If you do a withdrawal of something it's like you're revolving back to how things originally were. This is a withdrawal or repeal.
This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own. Look out for the shortened てつ.