Key Trade Agreements and Tariff Reductions Announced
The presidents of the United States and China held a significant meeting in South Korea earlier today, which resulted in several tariff reductions being implemented on Chinese goods. US President Donald Trump detailed the outcomes of this meeting, highlighting a notable overall tariff cut from 57% to 47%. Specific products, such as fentanyl, saw their tariffs reduced 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
In addition to trade adjustments, both nations have committed to collaborating on efforts related to the ongoing conflict between Russia and Ukraine. China has also agreed to discuss chip restrictions with Nvidia. President Trump further disclosed a one-year agreement with Beijing concerning rare earth supplies and announced his intention to visit China in April 2026.
“On a scale of 0 to 10, I would say the meeting with President Xi was a 12,” concluded Trump.
Impact on Bitcoin and Market Volatility
The trade negotiations between the United States and China have historically had a substantial impact on the price of Bitcoin. Previously, when Trump announced a new set of tariffs on October 10, Bitcoin experienced an immediate decline, dropping from over $121,000 to under $110,000 on most exchanges.
Earlier today, Bitcoin's price fell below $108,000 for the first time in a week. This movement was somewhat unexpected given the Federal Reserve's rate cut announced yesterday. However, as news of the US-China trade agreement emerged, BTC recovered to over $110,000 as of press time.
Despite the recent recovery, Bitcoin's daily decline resulted in the liquidation of more than $360 million in bitcoin-related long positions. Across the entire cryptocurrency market, total liquidations are reported to be over $800 million, according to CoinGlass data.
