The presidents of the two most powerful economies in the world met in South Korea earlier today, which resulted in several tariff reductions on China.
US President Donald Trump outlined the decisions made after the meeting, including an overall tariff cut from 57% to 47%. Some products, such as fentanyl, were dropped to 10%.
BREAKING: President Trump announces China tariff reductions after “amazing” meeting with President Xi, including:
1. Reduced Fentanyl Tariffs to 10%, effective immediately
2. Overall tariffs on China reduced from 57% to 47%
3. China to “discuss” chip restrictions with Nvidia…
— The Kobeissi Letter (@KobeissiLetter) October 30, 2025
Both countries will also collaborate on the war between Russia and Ukraine, while China agreed to discuss chip restrictions with Nvidia. The POTUS further revealed a 1-year agreement with Beijing on rare earth supplies, and said he will head to China in April 2026.
“On a scale of 0 to 10, I would say the meeting with President Xi was a 12,” concluded Trump.
The trade negotiations between the two nations have severely impacted BTC’s price in the past. Recall the events that transpired when Trump announced a new set of tariffs on October 10 and bitcoin’s immediate plunge from over $121,000 to under $110,000 on most exchanges.
Earlier today, the asset had dumped below $108,000 for the first time in a week, which was rather surprising given the Fed’s rate cut announced yesterday. Nevertheless, BTC bounced off to over $110,000 as of press time when the US-China deal news went live.
Still, BTC’s plunge on a daily scale has liquidated more than $360 million in bitcoin-related longs, while the overall wrecked positions across the entire market are worth over $800 million, according to CoinGlass.
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