US Treasury Secretary Scott Bessent has provided a timeline for when talks will begin to settle the ongoing US China trade war, following yesterday’s reports of a restart of trade talks between the two largest economies. The Bitcoin price is eyeing a breakout due to the optimism of a potential agreement between the two countries.
US China Trade War: Talks To Begin On Saturday
In a hearing before the House Financial Services Committee, US Treasury Secretary Scott Bessent revealed that negotiations with China will begin on May 10 in Switzerland. Contrary to earlier reports, Bessent noted that this is just the beginning of trade talks between both countries and not ‘advanced’ discussions.
As CoinGape reported, the Bitcoin price surged past $96,000 and even touched $97,000 following reports of a restart of trade talks between both countries. However, BTC quickly dropped below $97,000 following Bessent’s statement that the US-China trade talks haven’t advanced.
The US China trade war has been one of the highlights of Donald Trump’s tariffs and has continued to negatively impact the market. Both countries have raised tariffs to 145% and 125%, respectively.
Meanwhile, it is worth mentioning that the US Treasury Secretary revealed yesterday that they are close to reaching an agreement with 17 out of 18 key trading partners, with China being the exception.
During today’s hearing, Bessent declined to mention the exact countries, stating that doing so would be detrimental to US interests. However, he remarked that some trade negotiations are quite advanced towards agreements in principle.
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Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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