Summary
- The US and China agreed to reduce mutual tariffs for 90 days and establish a system for economic negotiations.
- Following the news, Bitcoin surged about 1.92%, reaching $105,819, rising along with the US stock market.
- The US Treasury Secretary emphasized the importance of future negotiations, stating that the US and China do not want decoupling.
The United States and China have announced a mutual tariff relief plan.
According to Walter Bloomberg on the 12th (local time), the US announced that it would reduce tariffs on China from the existing 145% to 30% for 90 days. China also reduced tariffs on the US from the existing 125% to 10%.
Additionally, it was reported that the two countries agreed to establish a system for ongoing negotiations regarding economic and trade relations. Negotiations may take place in China, the US, or a third country agreed upon by both sides, and working-level negotiations on specific economic and trade issues will be conducted if necessary.
US Treasury Secretary Scott Besent added, "Neither the US nor China wants decoupling."
Following this news, Bitcoin (BTC) and US stocks rose. After the announcement, Bitcoin surged up to 1.92%, reaching as high as $105,819. As of 4:09 PM, it is trading at $105,415, up 1.67% from 24 hours ago on the Binance USDT market.
Meanwhile, the S&P 500 index and Nasdaq rose by 2.5% and 3.1%, respectively.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
