US Treasury chief Bessent says 'substantial' trade framework with China reached

US Treasury Secretary Scott Bessent announced significant progress in trade negotiations with China, suggesting that a substantial framework has been established to avoid the previously announced 100% additional tariffs set for November 1. Following weeks of discussions leading to a potential meeting between President Trump and Xi Jinping at the APEC summit, Bessent emphasized the leverage provided by the tariff threat, which played a critical role in advancing negotiations. This news generated optimism among investors as crypto markets showed a modest rally, with Bitcoin and other major cryptocurrencies seeing price increases. Analysts predict that if a trade deal is finalized alongside a Federal Reserve rate cut, it could drive asset prices to new heights. Bessent's comments aim to ease investor fears that have contributed to market volatility during the ongoing trade tensions between the two nations.

Source 🔗