China and the US have agreed to suspend some of the heavy trade tariffs imposed on each other as they prepare to extend negotiations aimed at reducing tensions in the trade war, Al Jazeera reported.
The two countries issued a joint statement on Monday after two days of trade talks in Geneva, Switzerland. They explained the negotiations. It came after President Donald Trump’s nationalist agenda urged a more heavily duty spiral to be positive.
Global markets responded positively to the news, with stock markets in Hong Kong, the US and Europe rising.
In a statement, Beijing and Washington said they recognize the importance of bilateral economic and trade relations between the two countries and the world economy.
They said they would move forward “with a spirit of mutual openness, continuous communication, cooperation and mutual respect.”