The president said the meeting between the two superpowers was a 12 out of 10.
The presidents of the world’s two most powerful economies met in South Korea today, resulting in several tariff reductions for China.
US President Donald Trump outlined decisions made after the meeting, including an overall tariff cut from 57% to 47%. Some products, such as fentanyl, were reduced to 10%.
BREAKING: President Trump announces tariff reductions for China after “incredible” meeting with President Xi, including:
1. Fentanyl rates reduced to 10%, effective immediately
2. General tariffs applied to China were reduced from 57% to 47%
3. China will “discuss” chip restrictions with Nvidia…
— Kobeissi’s letter (@KobeissiLetter) October 30, 2025
Both countries will also collaborate on the war between Russia and Ukraine, while China has agreed to discuss chip restrictions with Nvidia. The POTUS continues revealed a one-year agreement with Beijing on rare earth supplies and said he will travel to China in April 2026.
“On a scale of 0 to 10, I would say the meeting with President Xi was a 12,” Trump concluded.
Trade negotiations between the two nations have severely impacted the price of BTC in the past. Recall the events that occurred when Trump announced a new set of tariffs on October 10 and the immediate drop of bitcoin from over $121,000 to under $110,000 on most exchanges.
Earlier today, the asset had fallen below $108,000 for the first time in a week, which was quite surprising given the Federal Reserve’s rate cut announced yesterday. However, BTC rebounded to over $110,000 at press time when news of the US-China deal broke.
Still, the BTC crash on a daily scale has wiped out more than $360 million in bitcoin-related long positions, while overall ruined positions across the market are worth more than $800 million, according to CoinGlass.
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