Trump said he would postpone a 50% tariff on the European Union to “rapidly get together” with the bloc’s leadership.

U.S. stock index futures surged on Tuesday, after President Donald Trump dialed back his threat of steep tariffs against the EU and tensions between the United States and the European bloc cooled, as traders returned after the Memorial Day break.

U.S. stock futures and European shares gained after President Trump gave the EU a temporary reprieve on new threatened tariffs.