US Treasury chief Bessent says 'substantial' trade framework with China reached

US Treasury Secretary Scott Bessent stated on Sunday that the US and China have achieved "substantial" progress on a trade deal framework, boosting investor confidence. Bessent indicated that this framework will likely negate the need for the 100% additional tariffs previously announced by President Donald Trump on October 10. He credited Trump's negotiating leverage, stemming from the tariff threat, for securing this substantial agreement. This positive development follows easing trade tensions, highlighted by President Trump's planned meeting with Chinese President Xi Jinping at the APEC summit. Crypto markets reacted positively to the news, experiencing a modest rally, as they are sensitive to trade war developments.

(Source：Cointelegraph)