Tensions between the U.S. and China over trade have been in focus lately, creating uncertainty in global markets. President Trump’s recent comments on trade tariffs may have eased some uncertainty, even as markets continue to experience volatility.
“Tariffs Not Sustainable”
In an interview with Fox Business, President Trump said that the high tariffs threatened against China are not sustainable.
“It’s not sustainable,” he said when asked if the tariffs could stay in place. “But that’s what the number is, it’s probably not, you know, it could stand, but they forced me to do that. I’ve always had a great relationship with them but they’re always looking for an edge. They ripped off our country for years.”
The trade tensions between the two countries saw tariffs soar to as high as 145%, sparking fears of a global slowdown and strained economic ties. However, they were put on hold through a series of 90-day truces, with the latest one ending on November 10 unless extended again.
While the pause meant to give both sides time to settle bigger trade issues, the talks stalled after new US tech and shipping restrictions, prompting China to respond with its own measures.
Trump Confirms Upcoming Meeting With Xi
Trump also confirmed that he will meet Chinese President Xi Jinping in two weeks, after previously hinting at canceling their meeting. Trump said that he gets along well with Xi and believes U.S.-China relations will be fine, but stressed that any deal must be fair.
Investors are watching closely because any progress or setback in these talks could influence global markets.
Crypto Markets Remain Volatile
Crypto market, which often reacts to geopolitical and economic developments, experienced a sharp drop earlier today. Bitcoin fell to $103,500 levels before rebounding to $106,000 after Trump’s tariff comments. The S&P 500 futures also bounced back, recovering roughly 75 points from their overnight lows.
Markets are moving actively in response to ongoing trade discussions between the U.S. and China and broader economic developments. While volatility remains, any updates or progress in trade talks could help stabilize markets.
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