Stocks looked set to close the week in the green after President Donald Trump said the U.S. and China had signed a trade deal, bolstering hopes that a flurry of similar agreements would come before Washington’s July 9 deadline for reimposing tariffs.

U.S. stocks closed at an all-time high, another milestone in a remarkable recovery from a springtime plunge caused by fears that the Trump administration’s trade policies could harm the economy.

European stocks closed at an over one-week high on Friday, fuelled by a rally in automakers, as investors took more risks on hopes for a truce in the U.S.-China trade spat.

The U.S. and China have reached an agreement — again — to deescalate trade tensions. China is making it easier for U.S. companies crucial magnets and rare earths materials.

A pact could end months of uncertainty about tariffs, but questions remain. Here’s what it means for business owners.