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, Al Jazeera reported.

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 U.S. 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 U.S. and Europe rising.

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

They said they would move forward “in the spirit of mutual opening, continued communication, cooperation, and mutual respect”.