President Donald Trump on Wednesday secured concessions from Europe, averting a trade war, the Dow Jones News Wire reported, citing a European Union official. The report came shortly before Trump and European Commission President Jean-Claude Juncker were scheduled to brief the press at a joint conference in the White House Rose Garden.

The market rallied on the news. The Dow Jones Industrial Average popped Wednesday afternoon, rising about half a percent.

The Europeans agreed to lower industrial tariffs and import more U.S. soybeans, Dow Jones reported.

Trump said earlier on Wednesday said he hoped “to work something out on a fair trade deal with Europe.”