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European stocks are heading for a higher open on Wednesday amid optimism that U.S. President Donald Trump’s 25% duties on Canada and Mexico could be relaxed.

The U.K.’s FTSE 100 index is expected to open 56 points higher at 8,806, Germany’s DAX up 416 points at 22,733, France’s CAC 146 points higher at 8,176 and Italy’s FTSE MIB 403 points higher at 38,282, according to data from IG.

The introduction of fresh U.S. tariffs has rattled global market sentiment amid concerns they will reignite inflation and escalate a global trade war.

Wall Street has seen two days of declines as 25% duties on Canada and Mexico went into effect on Tuesday, as well as an additional 10% tariff on Chinese goods. All three countries have announced retaliatory measures.

U.S. stock futures rose overnight, however, after U.S. Commerce Secretary Howard Lutnick said Trump “probably” will announce tariff compromise deals with Canada and Mexico on Wednesday.

Earnings are set to come from Sandoz on Wednesday, and data releases will include finalized European services and manufacturing activity and Italian quarterly growth data.

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