US and China's high-level officials began a critical trade meeting in Geneva, Switzerland yesterday (10th). After the first day of talks, President Trump posted on Truthsocial around 7 am this morning, stating that both sides achieved "significant progress".
Today, we had a very good meeting with China in Switzerland. We discussed many things and reached many consensus.
We negotiated a completely new adjusted plan in a friendly and constructive manner. For the interests of both the US and China, we hope to see China open up to US enterprises. We made huge progress!!!
Geneva Talks Release Positive Signals, Future Still Uncertain
This highly anticipated meeting involved face-to-face communication between China's Vice Premier He Lifeng and US representatives including Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer. Trump's statement brought a slight easing to the continuously tense trade relations.
Despite the positive atmosphere, both sides still face severe challenges. Before the talks, Trump had suggested potentially reducing tariffs on Chinese goods from 145% to 80%, attracting market attention. However, White House spokesperson Karoline Leavitt quickly clarified the stance, emphasizing:
President Trump's position remains unchanged. The US will not unilaterally reduce tariffs on China unless China makes corresponding concessions.
The general consensus is that a major breakthrough in this meeting is unlikely. Even if US tariffs were to drop to 80%, this would still significantly impact domestic prices (such as clothing, sneakers, toys) and potentially continue to cause product shortages.
Besides tariffs, the negotiation table may also involve complex issues like rare earth minerals, semiconductor export controls, TikTok's corporate ownership, fentanyl trafficking, and control of major waterways.
Bitcoin Approaches $105,000
Seemingly encouraged by the potential easing of US-China trade tensions, Bitcoin extremely closely approached $105,000 around 7 am this morning, retreating to $104,020 before deadline. If it can stabilize at the $103,000 level, it may challenge even higher price levels.
