The three major stock indexes closed higher on Tuesday, aided by energy stocks, while investors saw reason for optimism for a trade breakthrough between the U.S. and China after President Donald Trump delayed tariffs for Canada and Mexico.

ING Economics estimated that the proposed tariffs, if enacted, would raise annual spending costs for consumers by $835 per American.

The trade tensions between the United States and China have intensified following the recent imposition of tariffs by both nations. President Donald Trump has implemented a 10% tariff on Chinese imports,