Announcement of US-China Trade Deal and Release of CPI Data: Impact on Bitcoin Market

US President Donald Trump announced via Truth Social that the US and China have approached a trade agreement, subject to final approval. The agreement stipulates a 55% tariff for the US and 10% for China. The phrase "total of 55% tariffs" for the US is awaiting further clarification. The deal, initiated after talks in London, is now pending approval from Chinese President Xi and Trump, who seems pleased with the terms.

In related news, the US CPI data for May was published, indicating lower than expected figures. The annual inflation rate stands at 2.4%, with a slight 0.1% increase for the month. The data suggests that the tariffs have not significantly affected the US economy. Concurrently, the Bitcoin price surged from around $109,000 to nearly $110,000 within minutes but has since slightly dropped.