Secretary Scott Bessent said the negotiations alleviate the need for the 100% additional tariffs announced by US president Trump in October.
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United States Treasury secretary Scott Bessent said on Sunday that the US and China have made “substantial” progress on a trade deal framework, sparking investor hopes of reigniting the bull market.
The proposed trade framework will likely remove the need for the 100% additional tariffs on October 10, Bessent . He added:
“President Trump gave me a great deal of negotiating leverage with the threat of 100% tariffs on November 1, and I believe we have reached a very substantial framework that will avoid that and allow us to discuss many other things with the Chinese.”
Bessent’s comments follow weeks of between the two countries, culminating in president Trump Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit on October 31.
President Trump previously there was “no reason” to meet with representatives from China, sparking investor fears of a new between the two countries.
Crypto investors, traders, and industry executives celebrated news of the trade framework and the increased likelihood of a deal between the US and China, as crypto markets experienced a modest rally on the positive trade deal news.
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Crypto markets are , rallying when news is positive and declining when trade tensions erupt or global trade is disrupted.
President Trump’s social media on October 11, announcing additional 100% tariffs on China, ignited a that saw some crypto tokens lose up to 99% of their value in 24 hours.
Bitcoin () rallied by a modest 1.8%, Ether () pumped by 3.6%, and SOL () rose by 3.7% following Bessent’s announcement on Sunday.
Jeff Park, an advisor at investment company Bitwise, said the positive trade deal news will send BTC and gold to new all-time highs.
“Asset prices will get crazy this week if the US-China trade deal is announced and the Fed cuts interest rates. Buckle up,” investor and analyst Anthony Pompliano also .
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