Breaking: US-China Tariff Tensions Ease, Bitcoin Price Jumps Past $105k
Highlights
- The US and China have decided to roll back tariffs on each other’s goods for an initial 90-day period.
- The latest US-China trade deal has significantly impacted the crypto market with BTC hitting $105K.
- US tariffs on Chinese imports to drop from 145% to 30%, and China's tariffs on US goods to fall from 125% to 10%.
After months of tariff tensions, the latest US-China trade deal on Monday has sent shockwaves through the global crypto market. As both countries have agreed to a 90-day tariff suspension, the crypto community celebrates the development, anticipating a major rally ahead. In response to this significant development, the Bitcoin price has surged past the crucial $105k mark.
US Treasury Scott Bessent, speaking at the conference in Geneva, posited,
We concluded that we have a shared interest. The consensus from both delegations is neither side wants to be decoupled, and what have occurred with these very high tariffs…was an equivalent of an embargo, and neither side wants that. We do want trade. We want more balance in trade. And I think both sides are committed to achieving that.
US-China Trade Deal Eased: Bitcoin Price Skyrockets
Sparking optimism within the global crypto market, the US and China jointly agreed to a tariff-easing scheme. The US-China trade deal has taken a major turn with both countries agreeing to a 90-day suspension of tariffs on each other’s goods.
As per the latest development, the US will slash tariffs on Chinese imports from 145% to 30%, while China will reduce its import duties on American goods from 125% to 10%. Following this update, the BTC price rose to $105,000 and is now trading at $104,338.
US and China Join Hands for a Healthy Trade
After recognizing the “importance of a sustainable, long-term, and mutually beneficial economic and trade relationship,” the US and China announced the tariff-easing deal. With this new development, a months-long trade deadlock between the US and China has been broken. This allows for renewed trade activity after many American businesses suspended orders amid high tariffs. Thus, the two countries have agreed to establish a “mechanism to continue discussions about economic and trade relations.”
Bitcoin & Crypto to See a Massive Rally
Notably, the US-China tariff deal has sparked a major rally in the crypto market, with top assets like Bitcoin hitting new all-time highs. The crypto market has now reached $3.37 trillion, marking a 1.82% hike over the past 24 hours.
The Bitcoin price has marked a notable uptick of 10% over the past seven days. Meanwhile, Ethereum and XRP have seen notable hikes of 41% and 12% over the past week. The US-China tariff deal comes following the much-hyped US-UK trade decision.
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