U.S. Cuts Tariffs on China: Can Bitcoin Bounce from the Sub-$108K Dump?

The presidents of the two most powerful economies in the world met in South Korea earlier today, which resulted in several tariff reductions on ￰0￱ 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￱ Fentanyl Tariffs to 10%, effective immediately ￰2￱ tariffs on China reduced from 57% to 47% ￰3￱ 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 ￰4￱ 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 ￰5￱ trade negotiations between the two nations have severely impacted BTC’s price in the ￰6￱ 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 ￰7￱ 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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