Trump, Xi meet in South Korea to iron out tariffs that sank crypto this month

US President Donald Trump met with Chinese leader Xi Jinping in South Korea to resolve ongoing trade tensions stemming from tariffs, which have fueled fears of an economic slowdown and caused significant crashes in the cryptocurrency market, such as Bitcoin falling sharply on October 10th. Before the meeting, Trump expressed optimism about reaching agreements, stating they had already agreed on many things. Reports suggest neither superpower wants to destabilize the world economy. In terms of potential resolutions, US officials indicated Trump might not implement his threat of an additional 100% import tax on Chinese goods, while China is expected to ease export controls on rare earth elements and potentially increase soybean purchases from the US. These tariffs have created uncertainty for US Bitcoin miners relying on Southeast Asian imports and raised supply chain concerns for AI hardware due to China's rare-earth restrictions.

(Source：Cointelegraph)