Scott Bessent Announces Major Progress in US-China Trade Talks
US Treasury Secretary Scott Bessent reveals the substantial progress made in trade negotiations between the US and China, potentially averting additional tariffs.
On Sunday, Scott Bessent, the US Treasury Secretary, indicated that significant advancements have been made in the trade agreement framework between the United States and China, reviving hopes for investors looking to boost the bull market.
The proposed framework would likely eliminate the necessity for the full additional tariffs of 100% that were announced by President Trump. Bessent stated:
“President Trump provided me with substantial negotiating leverage by threatening 100% tariffs due on November 1, and I am confident that we have created a solid framework that will prevent that and permit us to engage in discussions on various topics with the Chinese.”
Bessent’s comments come following a period of easing trade tensions between the two nations, highlighted by Trump confirming a meeting with China’s President Xi Jinping at the APEC summit scheduled for October 31.
Trump had earlier claimed there was “no reason” to have discussions with Chinese representatives, which had raised concerns among investors about the potential for a prolonged trade war.
The announcement caused a minor rally in crypto markets, with Bitcoin increasing by 1.8%, Ether by 3.6%, and Solana by 3.7%.
The potential deal has also led investment advisors to suggest that Bitcoin and gold could reach new heights if the agreement is finalized and if the Federal Reserve reduces interest rates.
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Scott Bessent discusses the significant trade negotiations between the US and China. Source: The White House
Crypto markets react positively to news of trade developments. Source: TradingView
