Secretary Scott Bessent said the negotiations alleviate the need for the 100% additional tariffs announced by US president Trump in October. United States Treasury secretary Scott Bessent said on Sunday that the US and China have made “substantial” progress on a trade deal framework, sparking investor hopes of reigniting the bull market. The proposed trade framework will likely remove the need for the 100% additional tariffs announced by US President Donald Trump on October 10, Bessent said. He added: Bessent’s comments follow weeks of easing trade tensions between the two countries, culminating in president Trump confirming the meeting with China’s President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit on October 31. Read more
DeepSeek was the only AI model to generate a positive return on Wednesday, despite having the smallest development budget among its peers. Chinese artificial intelligence models are outperforming their United States counterparts in cryptocurrency trading, according to data from blockchain analytics platform CoinGlass, as competition between leading generative AI chatbots intensifies. AI chatbots DeepSeek and Qwen3 Max, both developed in China, led the ongoing crypto trading experiment on Wednesday, with the former being the only AI model to generate a positive unrealized return of 9.1%. Qwen3, an AI model developed by Alibaba Cloud, came in second with a 0.5% unrealized loss, followed by Grok with a 1.24% unrealized loss, according to blockchain data platform CoinGlass. Read more
Bitcoin and other hard money assets are the only way to fix the economic problems caused by currency debasement, analyst Luke Gromen said. The US dollar’s hegemony is over, as evidenced by China’s recent announcement of export controls on rare earth minerals, a critical component in electronics manufacturing and military defense applications, according to analyst Luke Gromen. China’s rare earth mineral export controls prohibit the sale of the critical minerals to the US military industrial complex, which backs the value of the dollar through military force, Gromen told Marty Bent, founder of Truth For the Commoner (TFTC), on Sunday. The export controls prompted US President Donald Trump to announce additional 100% tariffs on China, and revealed that China “has a lot more leverage than a lot of the Western commentators are admitting,” Gromen said. He added: Read more
Asked by reporters whether the US is preparing for a trade war with China, US President Donald Trump responded: “Well, we’re in one now.” Update Oct 15, 10:55pm: This article has been updated to include comments from US Treasury Secretary Scott Bessent and the impact of tariffs on the Bitcoin mining industry. US President Donald Trump has confirmed the US is in an active trade war with China after threatening a 100% tariff on all Chinese imports last week. “Well, we’re in one now,” Trump said after being asked by White House reporters whether the US is preparing for a “sustained trade war with China.” ”If we didn’t have tariffs, we would be exposed as being a nothing, we would have no defense,” Trump explained, calling the tariffs an important measure for America’s national security. Read more
Tensions between the two countries appear to have cooled off on Sunday, as representatives from both sides signal a willingness to negotiate. Trade tensions between the US and China appear to be softening, as representatives from both governments issued statements on Sunday that signaled a willingness to resume trade negotiations, giving analysts hope of a market rebound. In a translated statement, China’s Ministry of Commerce said it is “ready to strengthen dialogue” with other countries on trade and the recently announced rare earth mineral export controls that inflamed trade tensions between the US and China. The spokespeople also said China would “actively consider” provisions in the rare earth export policy to facilitate trade and strengthen supply chains, including “license exemptions.” US President Trump issued this statement on the same day: Read more
Bitcoin plunged to $102,000 in the Binance perpetual futures pair after Trump announced sweeping tariffs on China on Friday, reigniting fears of a broader trade and market sell-off. US President Donald Trump announced a 100% tariff on China on Friday, sending the price of Bitcoin (BTC) reeling below $110,000 at the time of writing. Trump said the tariffs were in response to China attempting to place export restrictions on rare earth minerals, which are crucial for creating computer chips. Trump wrote on Truth Social: Trump’s first tariff announcements in April sent shockwaves through crypto markets and sparked fears of a recession. Read more