The meeting between U.S. and Chinese officials taking place in London has reportedly come to a close. In a recent post on Truth.Social, President Trump celebrated the completion of a U.S.-China trade framework, signaling progress toward easing tariff tensions.
The agreement reportedly includes China supplying rare earth minerals upfront, while the U.S. will allow Chinese students to Chinese students to study at American universities.
Rare earth materials have been a huge point of contention in the negotiations, as they are essential components to American industries, covering a wide range of high-tech initiatives, including electronics, defense, and renewable energy.
Trump also announced that the U.S. will now impose 55% tariffs on Chinese products, a far cry from the 125% tariffs the U.S. imposed a couple of weeks ago. While this agreement certainly seems prosperous — a recent report from the WSJ indicates that China’s concessions could have an expiration date.
According to the report, China has agreed to ease restrictions on rare earth mineral exports, but only for six months. This allows Beijing to make concessions while still having leverage in the negotiations.
Crypto Market Reactions
Financial markets all across the world have been looking forward to what comes out of this meeting. As for the crypto sector, Bitcoin rose to its highest point in the week at $110,350 after the news broke this morning.
The U.S./China deal wasn’t enough to pump BTC into a new rally, however. Likely affected by selling pressure as rumours of growing tensions between Israel and Iran circulates, investors may become more risk-averse in the coming hours, and that feeling has resulted in an intra-day retraction for Bitcoin.
Currently, $BTC trades at $108,861, down by 0.47% over the last 24 hours. Bitcoin is still bullish on the weekly and monthly charts, however, trading at an increase of 3.67% and 7.01%, respectively.
Ready to trade? Join WEEX via Bitcoinsensus and get a 20% deposit bonus — with up to 400 USDT waiting for you. Claim your share of the 30,000 USDT reward pool.
