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Commenting on the latest developments surrounding the US-China trade dispute, US President Donald Trump said the call with China was very productive and added that he delayed the tariffs on Chinese imports to help a lot of people.

“China would very much like to do something on trade,” Trump added. “Delayed tariffs for Christmas season in case it had an impact on shopping.” Trump also acknowledged that the decision to delay tariffs today was one of the reasons for the stock market rally.

President Trump’s remarks allow risk-on flows to continue to dominate the markets. As of writing, the 10-year US Treasury bond yield was up 2.6% on the day while the Dow Jones Industrial Average and the S&P 500 were both rising 1.6%