The United States and China have agreed to a 90-day tariff reduction on each other’s goods to de-escalate the ongoing trade conflict.
The announcement, made on May 12, sees the US lowering its tariffs on Chinese imports from 145% to 30%. Meanwhile, China will reduce its tariffs on US goods from 125% to 10% for the same period.
US-China Slash Tariffs, Bitcoin Reacts Fast
The decision follows months of escalating trade tensions that have disrupted global markets and strained economic relations. The crypto market also took a hit, with Bitcoin’s price plunging below $80,000 following President Trump’s tariff announcements on April 2.
Nonetheless, BTC rebounded strongly from its April lows and has continued rallying. Notably, after this announcement, the largest cryptocurrency has surged 1.3%, hitting highs not seen since January 31.
At press time, BTC traded at $105,251.
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