US China Agree to Cut Trade Deficit; Bitcoin Price Surges Past $104k

The United States and China have reached an agreement to address the trade deficit after two days of talks in Geneva, Switzerland. The discussions, which involved senior officials from both countries, were described by U.S. Treasury Secretary Scott Bessent as productive, with “substantial progress” made.

Following the announcement Bitcoin price reclaimed the $104,000 resistance and Ethereum price recovered its lost ground from the $2500 high it hit recently.

US, China Trade Talks End with Agreement

According to United States officials, the two-day discussions ended with a deal aimed at reducing the U.S. trade deficit. Treasury Secretary Scott Bessent confirmed that both delegations agreed on several matters, but specific terms will be announced on Monday.

Bessent stated, “We made substantial progress between the United States and China in the very important trade talks.” The talks took place at the residence of the Swiss ambassador to the United Nations in Geneva.

United States Trade Representative Jamieson Greer also confirmed the agreement, referring to it as “a deal we struck with our Chinese partners.” He emphasized the pace at which both sides reached a conclusion, suggesting fewer disagreements than previously expected.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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