Markets around the world are rallying Tuesday morning after Chinese President Xi Jinping delivered a speech pledging to significantly lower tariffs on imported cars and emphasizing that China wants a "greater balance of international payments."

The details, via WSJ: "Shortly after the U.S. open, the Dow Jones Industrial Average rose 373 points, or 1.6%, to 24352. The S&P 500 added 1.3%, and the Nasdaq Composite gained 1.4%."

Yes, but: Xi has made these promises before — most recently at the World Economic Forum in 2017 — and it's not yet clear what reforms will actually be implemented and when, but his positive tone was enough to ease trade tensions that had the markets in a frenzy.