U.S. stock index futures rose more than a percent on Tuesday after Chinese President Xi Jinping promised to cut import tariffs, soothing investor concerns about rising U.S.-China trade tensions.

In his first public comments since the trade dispute with the Trump administration started, Jinping vowed to open the country’s economy and said China would raise the foreign ownership limit in automobile, shipbuilding and aircraft sectors “as soon as possible”.

His comments buoyed global markets, which have been under pressure as China and the United States threatened each other with billion in tariffs and investors feared that protectionist measures would hit global economic growth.

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