Dhaka, May 13 -- China and the United States have agreed to suspend some of the heavy trade tariffs imposed against one another as they prepare to extend negotiations aimed at lowering trade war tensions.

The two countries issued a joint statement on Monday, following two days of trade talks in Geneva, Switzerland. They described the negotiations, which came after US President Donald Trump's nationalist agenda prompted a spiral of increasingly heavy duties, as positive.

Global markets reacted positively to the news, with stock markets in Hong Kong, the US and Europe rising.

In the statement, Beijing and Washington said they recognise the importance of their bilateral economic and trade relationship to both countries and the global econ...