Initial Drop and Market Reaction
During the early stages of the summit, President Xi noted that “the two countries have reached a basic consensus on major concerns and made encouraging progress.” Trump, in turn, described Xi as “a tough negotiator.” Despite these seemingly positive exchanges, Bitcoin prices wavered. The cryptocurrency fell sharply around 4:00 a.m. UTC, dipping from $110,000 to approximately $108,000 after the meeting ended without clear conclusions.
According to Chinese state media, the summit extended longer than expected—lasting about 1 hour and 40 minutes. Following the talks, Trump departed for the United States aboard Air Force One, while Xi traveled to Gyeongju to attend the APEC Summit. The Chinese president is expected to remain in South Korea until Saturday for additional discussions with South Korean President Lee Jae-myung and Japanese Prime Minister Sanae Takaichi.
Trump Declares “Fantastic” Progress
Market sentiment shifted dramatically soon after Trump addressed reporters aboard Air Force One around 4:40 a.m. UTC. Defying the earlier pessimism, he characterized the talks as “12 on a scale of 1 to 10,” underscoring what he described as remarkable achievements in resolving key trade tensions.
Among the reported outcomes were China’s suspension of threatened rare earth export restrictions for one year, renewed commitments to U.S. soybean imports, and an agreement to tighten controls on fentanyl precursor exports. In exchange, the U.S. will reportedly reduce tariffs on related Chinese goods from 20% to 10%, lowering the total rate from 57% to 47%.
Trump added that President Xi would soon visit the United States, with a reciprocal trip to China planned for April—signaling a potential thaw in the long-strained economic relationship between the two nations.
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