The U.S. stock markets were surging Tuesday, after tensions between the U.S. and China have appeared to be easing, and China’s President Xi made conciliatory remarks on trade at a business conference earlier Tuesday.

In a speech Tuesday at a business conference, Xi made no direct mention of the dispute with President Donald Trump but pledged to open China’s markets further and improve conditions for foreign companies.

Xi said Beijing will “significantly lower” tariffs on auto imports this year and ease restrictions on foreign ownership in the auto industry “as soon as possible.”

President Xi made the statements at the Boao Forum for Asia, which came the same day the World Trade Organization stated that China had filed a complaint to challenge President Trump’s tariffs on steel and aluminum imports, CNBC reported.

Xi also promised to lower tariffs on other products, and to enforce the legal intellectual property of foreign firms.

President Trump has repeatedly stated that, regardless of the trade disputes, he values the friendship of President Xi. Trump tweeted Tuesday afternoon:

Very thankful for President Xi of China’s kind words on tariffs and automobile barriers…also, his enlightenment on intellectual property and technology transfers. We will make great progress together!

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