The value of Bitcoin has surpassed $100,000 amidst significant developments in the global trade arena. As of Monday, Bitcoin remains stable at $104,000, as investors keenly await further progress in the United States-China trade agreement.
The leading cryptocurrency surged over 9% last week, breaking the $100,000 mark last Thursday and reaching its highest point since late January 2025.
The surge last week was principally driven by the trade agreement between the United States and the United Kingdom, coupled with anticipations surrounding ongoing negotiations with China.
The suspension of most tariffs between the United States and China for 90 days will come into effect on Wednesday, marking a reduction in tensions that had rattled the global economy.
This measure will be officially implemented on Wednesday, as announced today by representatives of the world’s two largest economic powers following two days of negotiations in Geneva, Switzerland.
According to their joint statement, both countries also agreed to establish a mechanism to continue discussions on economic and trade relations.
The U.S. government expressed satisfaction with what it described as a new trade agreement with Beijing, without disclosing further details.
Specifically, both parties agreed to lift the additional tariffs of 115 percentage points they had recently imposed on each other, stemming from a trade conflict initiated in April by former U.S. President Donald Trump.
These decisions temporarily reduce U.S. tariffs on China to 30% and Chinese tariffs on the U.S. to 10% as negotiations continue between the two countries, explained U.S. Trade Representative Jamieson Greer in Geneva.
The announcement of this “truce” brought relief to financial markets, with Hong Kong’s stock market climbing over 3% following the joint statement’s publication.
The U.S. dollar, previously weakened by the trade conflict, regained strength against both the yen and the euro.
“Neither side wants an economic decoupling,” declared U.S. Treasury Secretary Scott Bessent, emphasizing Washington’s aim for a more balanced trading relationship.
Bessent also noted the tariffs introduced in recent months effectively created a trade embargo between the two nations.
The reduction of these duties is “in the world’s common interest,” asserted the Chinese Ministry of Commerce, lauding the “substantial progress” made in trade talks with Washington.
The truce announced today was the result of two days of negotiations in Geneva, involving U.S. representatives Bessent and Greer, alongside Chinese Vice Premier He Lifeng.
This marked the first direct meeting between senior officials from both countries since Trump imposed a 145% surcharge on Chinese imports in early April, in addition to existing duties.
Beijing, which had vowed to resist the tariffs “to the end,” responded with its own 125% tariffs on American imports.
The Geneva discussions were conducted with “great respect,” Bessent remarked, highlighting that the results demonstrate neither side wishes for an economic rupture.
Additionally, Bessent highlighted mutual interests in achieving balanced trade, urging China to “open up to more American products.”
He Lifeng noted significant progress in the discussions on Sunday, describing them as “open, deep, and substantial.”
The trade war between Beijing and Washington had disrupted global financial markets and increased concerns over inflation in the U.S. and a potential economic slowdown.
“These talks represent an important ‘step forward’ and hopefully bode well for the future,” commented the World Trade Organization (WTO) on Sunday.
The discussions occurred behind closed doors in the Swiss representative’s villa on the left bank of Lake Geneva.
The Geneva meeting followed two days after Donald Trump announced a trade agreement with the United Kingdom, representing his first deal since imposing globally considered “prohibitive” tariffs.
