'Total reset' with China sends the market soaring
By: thestreet|2025/05/11 15:30:06
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The crypto market soared dramatically on May 10 as President Donald Trump claimed that the U.S. had "a very good meeting" with China.Bitcoin soared to nearly touch the $105,000 price mark within an hour of Trump's statement. However, it retreated to the previous zone within a few hours.Ethereum also neared the $2,600 mark within an hour of the statement before making a modest retreat. As per Kraken's price feed, Bitcoin was trading at $103,927 at press time. Ethereum was trading at $2,539.07 at the time of writing, as per Kraken.Trump wrote on Truth Social that the two countries negotiated a "total reset" in a "friendly, but constructive" manner. He added that the U.S. would like to see China opening up to American business. "GREAT PROGRESS MADE!!!"However, the president didn't reveal any specific details on the progress he claimed.The trade talks between the two countries began in Geneva, Switzerland, this weekend. Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer from the U.S., and Vice Premier He Lifeng from China are holding the talks.This is the first time that officials from both countries are meeting since Trump imposed tariff hikes on Apr. 2.As of now, the U.S. levies a 145% tariff on Chinese imports, and China levies a 125% tariff on U.S. imports. The escalations have led to a near trade embargo.China's official state news agency, Xinhua, said on May 10 that the high-level meeting began at the request of the U.S. A "stable and constructive" relationship serves the interests of both nations and the world at large, it mentioned and added, "Trade wars and tariff battles yield no winners."
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