A breakthrough in trade negotiations was announced in a joint statement following a weekend-long marathon of talks in Geneva, Switzerland. As part of the agreement, the United States will temporarily reduce tariffs on Chinese goods from 145% to 30%. In return, China will lower its tariffs on American imports from 125% to 10%.
$BTC Both nations—two of the world’s largest economies—also committed to establishing a mechanism for ongoing dialogue on economic and trade issues. These talks will be led by Chinese Vice Premier He Lifeng, U.S. Treasury Secretary Scott Bessent, and U.S. Trade Representative Jamieson Greed
The announcement brought relief amid growing concerns over a potential global recession. Following the news, both the Chinese yuan and the U.S. dollar saw gains. The cryptocurrency market also responded positively, with Bitcoin surging back to levels not seen since the beginning of the year.
