U.S. President Donald Trump and Chinese President Xi Jinping met in South Korea this week in an effort to ease tensions and stabilize relations strained by ongoing tariff disputes.
Ahead of the meeting, Trump signaled optimism about the talks, saying, “We’ve already agreed to a lot of things, and we will agree to some more right now.”
“I think we’re going to have a fantastic relationship for a long period of time,” Trump added in a video posted to X by The White House on Thursday. The Rapid Response 47 account later confirmed that the meeting had concluded.
Trump’s renewed tariff measures since returning to the White House — coupled with China’s retaliatory restrictions on rare earth exports — have reignited fears of a global economic slowdown. Several of the most aggressive tariff announcements have coincided with sharp crypto market sell-offs, including the Oct. 10 crash that sent Bitcoin plunging from $121,560 to below $103,000.
According to reports from major media outlets, neither Washington nor Beijing wants to risk further destabilizing the global economy, prompting the need for an in-person meeting to chart a path forward on trade policy.
Trump Unlikely to Enforce New Tariff Threat
U.S. officials have indicated that Trump is not expected to move ahead with his recent threat to impose an additional 100% import tax on Chinese goods. Meanwhile, China is reportedly preparing to ease export controls on rare earth elements and may resume soybean purchases from the U.S. as a goodwill gesture.
Tariffs Stir Uncertainty in Bitcoin Mining and AI Industries
During his recent tour of Asia, Trump also met with leaders in Malaysia, a key manufacturing and export hub for Bitcoin mining equipment destined for the U.S. The U.S. currently levies a 19% tariff on Malaysian exports.
These tariffs have created significant uncertainty for U.S.-based Bitcoin miners dependent on Southeast Asian imports, while China’s rare-earth export limits have raised alarms about potential supply chain disruptions across the AI hardware industry.
