US President Donald Trump has traveled to South Korea for discussions with Chinese leader Xi Jinping, focusing on easing trade tensions affecting both nations. The two leaders aim to address tariff disputes that have caused significant fluctuations in the cryptocurrency market recently.

Ahead of the discussions, Trump mentioned that the two sides are making progress, stating:

“We’ve already agreed to a lot of things and we will agree to some more right now.”

He expressed optimism about the bilateral relationship:

“I think we’re going to have a fantastic relationship for a long period of time,” as reported by The White House.

The meeting follows Trump’s implementation of tariffs, which, combined with China’s restrictions on rare earth element exports, has intensified concerns about a potential economic downturn, affecting cryptocurrencies. A notable market crash on October 10 witnessed Bitcoin’s drop from $121,560 to under $103,000.

Both countries recognize the necessity to stabilize the global economy, prompting this face-to-face meeting.

Trump Expected to Reconsider Tariff Threat

U.S. officials have indicated that Trump is unlikely to enforce his recent threat to impose an additional 100% import tax on Chinese imports. Meanwhile, there are indications that China may ease its export controls on rare earths and potentially purchase soybeans from the U.S.

Impact on Bitcoin Mining and AI Industries

Trump has recently conferred with multiple leaders across Asia, including Malaysian officials, as the country evolves into a key manufacturing center for U.S. Bitcoin miners. The U.S. currently enforces a 19% tariff on Malaysian exports. This environment has led to considerable uncertainty for Bitcoin mining operators in the U.S., especially with China’s rare earth export policies raising alarms about potential disruptions in supply chains for AI technology.