US-China Trade Talks: WH Confirms Deal to Cut Trade Deficit, Bitcoin ATH Soon?

Bitcoin price surged past $104,000 following news of a breakthrough in U.S.-China trade talks after two days of talks in Geneva, Switzerland. The discussions, which involved senior officials from both countries, were described by U.S. Treasury Secretary Scott Bessent as productive, with “substantial progress” made.

US, China Trade Talks End with Agreement

According to United States officials, the two-day discussions ended with a deal aimed at reducing the U.S. trade deficit. Treasury Secretary Scott Bessent confirmed that both delegations agreed on several matters, but specific terms will be announced on Monday.

Bessent stated, “We made substantial progress between the United States and China in the very important trade talks.” The US China trade talks took place at the residence of the Swiss ambassador to the United Nations in Geneva.

United States Trade Representative Jamieson Greer also confirmed the agreement, referring to it as “a deal we struck with our Chinese partners.” He emphasized the pace at which both sides reached a conclusion, suggesting fewer disagreements than previously expected.

Tariff Reduction Expected, But Details Pending

The trade conflict escalated when President Donald Trump imposed 145% tariffs on Chinese imports. China responded with retaliatory tariffs at 125%. Over $600 billion in bilateral trade was affected by these measures.

Officials hinted that tariff reductions are part of the new agreement after the US China trade talks. However, Bessent declined to offer exact figures on how the tariff levels would change. Trump had earlier suggested lowering tariffs to 80%, but it is unclear whether that figure was accepted by the Chinese delegation.

White House economic adviser Kevin Hassett said on Fox News that Beijing was “very, very eager” to repair trade relations. He confirmed that President Trump was fully briefed and approved the final terms reached in Geneva.

Bitcoin Price Crosses $104,000, ATH Ahead?

Cryptocurrency markets quickly responded to news of the U.S.-China trade talks. Bitcoin price broke through the $104,000 resistance level shortly after the announcement. Analysts linked the Bitcoin price surge to growing investor confidence fueled by the easing of global trade tensions with the Fear and Greed Index hitting 70.

At press time, BTC price was trading at $104,354, 4% away from its all time high at $109,114 hit back in January.

Ethereum price also climbed higher, recovering value after dropping from a recent $2,500 peak. Crypto trader Rekt Capital suggested on X that Bitcoin price may now enter a price discovery phase, with the potential to reach new all-time highs above $110,000 soon.

The BTC price pattern mirrors what happened after the US-UK trade deal was announced last week. Bitcoin price jumped from $96,000 to $103,000 in under 48 hours following that agreement.

Trade Strategy Signals More Deals

The White House has signaled that more trade agreements may follow. Hassett revealed that Commerce Secretary Howard Lutnick and USTR Greer are working on about two dozen new trade deals. He noted these are custom deals but follow the model of the recent UK trade pact.

These upcoming agreements could further fuel Bitcoin price to an all-time high and other cryptocurrencies. With traders reacting strongly to economic news, more such announcements may keep the bullish momentum in digital assets going.

Donald Trump also posted on Truth Social, calling the Geneva talks “a total reset… in a friendly, but constructive, manner.” He added, “GREAT PROGRESS MADE!!!” without offering further detail.

U.S. officials are expected to release the full agreement of the US China trade talks terms on Monday, which will clarify tariff changes and trade volume targets.