US-China Trade War is Over – Joint Statement Released Following Geneva Meeting

Key Points After an economic and trade meeting in Geneva, the US and China released a joint statement. The statement highlights the importance of bilateral economics to both countries and the global economy. Bitcoin reacted to the news, surging above $105,000 for the first time since January. The White House released an important statement on the US-China economic and trade state, following a meeting in Geneva, highlighting the end of the trade war between the two countries. Governments of the US and China’s Joint Statement The two governments’ statement recognizes the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship. The US and China have reflected on their recent discussions, which have the potential to address concerns of each side of the economic and trade relationship. The countries are moving forward towards: Mutual opening Continued communication and cooperation Bilateral respect According to the White House’s official notes, the Parties commit to taking several actions by May 14, 2025. US and China Upcoming Actions US and China have committed to taking the following actions by the date mentioned above: The US will modify the application of the additional ad valorem rate of duty on China articles, including Hong Kong and Macau, set forth in Executive Order 14257 of April 2, 2025, and will suspend 24% of the rate for a period of 90 days, while retaining the remaining 10% of the articles pursuant to the terms of the Order. The US will remove the modified additional rates of duty on articles imposed by Executive Orders 14259 of April 8, 2025, and 14266 of April 9, 2025. China will modify the application of additional rates of duty on articles of the US set forth in the Announcement of the Customs Tariff Commission of the State Council No.4 of 2025, by suspending 24% of the rate fort an initial period of 90 days, while retaining the remaining additional 10% rate on the articles imposed by the Announcements of the Custom Tarriff Commission of the State Council No.5 and 6, of 2025. China will adopt all necessary administrative measures to suspend/remove the non-tariff countermeasures taken against the US since April 2, 2025. Following the implementation of the measures mentioned above, the two parties will take the following measures: Establishing a mechanism to continue discussions about economic and trade relations Conducting working-level consultation on relevant economic/trade issues The representatives for the upcoming discussions will be: He Lifeng, Vice Premier of the State Council, from China’s part Scott Bessent, Secretary of the Treasury, and Jamieson Greer, US Trade Representative from the US part The official statement also highlighted that the discussions between the two sides may be conducted alternatively in China and the US. Bullish News for Bitcoin and Global Markets The news will hopefully boost both economies, and it’s already triggered a rally in the crypto market, pushing Bitcoin above $105,000 for the first time since January 2025. Today, BTC is up by over 1.5%, while the general crypto market surged by 2.6% in the past 24 hours. The S&P 500 futures jumped by almost 3% following the trade deal announcement by the US and China.