Bangladesh, May 13 -- In a development that could ease global economic tensions, the United States and China have agreed to suspend or roll back most of the additional trade duties they imposed on each other over the past month. According to a joint statement released on May 12, both nations will halt their latest rounds of tariff hikes and move toward negotiating further policy adjustments aimed at stabilizing their critical bilateral relationship.

Following two days of intensive negotiations in Geneva, American and Chinese officials reached an understanding that could mark the beginning of a “total reset,” as US President Donald Trump described it. Under the agreement, the US will suspend the initial 34% tariffs introduced ...