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Highlights
- Treasury Secretary Scott Bessent and Trade Rep Jamieson Greer led talks for the US in a meeting that lasted at least eight hours.
- Both sides failed to reach an agreement and will continue discussions tomorrow.
- US President Donald Trump has suggested that they could lower tariffs on China to 80%.
The much-anticipated US China trade war talks began today in Geneva, Switzerland. However, both sides have yet to reach an agreement, and talks will continue tomorrow. Meanwhile, crypto market participants wait on the sidelines in hopes that the two largest economies will finally resolve this ongoing trade war, which would provide a major boost for Bitcoin and other crypto assets.
Talks In Ongoing US Trade War To Continue Tomorrow
According to a WSJ report, the trade talks between US and Chinese officials ended on Saturday, and they are set to continue tomorrow. US Treasury Scott Bessent and US Trade Rep Jamieson Greer led the talks for the US, which lasted at least eight hours but ended without an announced deal.
Before the meeting, US President Donald Trump had shown good faith by suggesting lowering tariffs on China’s goods to 80%. Trump had begun the ongoing US China trade war when he imposed a 145% tariff on some Chinese goods. In retaliation, China imposed a 125% tariff on US goods.
This trade war has negatively impacted the crypto market, with the Bitcoin price already dropping to as low as $76,000 when it began in April. Although BTC and the broader crypto market have since rebounded, analysts like Fefe have suggested that a settlement between both sides could push the crypto market higher.
BTC’s Current Price Action
The flagship crypto dropped from its intraday high of $104,065 amid the meeting between the US and China. Market participants look to be waiting on the sidelines, as the outcome of the US China trade war talks tomorrow could determine BTC’s next move.
Crypto analyst Rekt Capital commented on Bitcoin’s rejection at $104,000, indicating that it was all part of the plan to reach a new all-time high. The analyst stated that BTC needs to hold above the range between $97,000 and $99,000 as support. Rekt Capital predicts that the flagship crypto would rally to new highs if it holds above this support.
The Bitcoin price again surged to the $104,000 resistance following Donald Trump’s Truth Social post on the US China trade war talks. Trump stated that they had a very good meeting with China. He said,
A very good meeting today with China, in Switzerland. Many things discussed, much agreed to. A total reset negotiated in a friendly, but constructive, manner. We want to see, for the good of both China and the U.S., an opening up of China to American business. GREAT PROGRESS MADE!!!
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