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US-China trade talks resumed in London, focusing on export controls impacting global supply chains amid rising tensions, particularly over critical sectors like semiconductors and defense. China's exports to the US fell 34.5% in May, the largest drop since early COVID-19, highlighting the urgency of these negotiations. Both nations are navigating competing priorities, with the US aiming to bolster domestic rare earth production while China seeks to maintain its industrial edge.
Bitcoin's price surged past $107,000 during Europe's afternoon trading, following a morning below $106,000. This rally liquidated approximately $60 million in short positions, coinciding with significant whale activity on the decentralized exchange Hyperliquid, where over $5 million was deposited to open a leveraged long position.The price increase is likely tied to renewed optimism surrounding US-China trade talks, with delegations from both nations arriving in London to negotiate a resolution on tariffs. The US team is led by Treasury Secretary Scott Bessent, while the Chinese delegation is headed by Vice Premier He Lifeng.
Top officials from the U.S. and China will meet in London on June 9, 2025, to address ongoing trade disputes, including critical export controls, following a preliminary agreement in Geneva. The U.S. delegation will be led by Treasury Secretary Scott Bessent, while China will be represented by Vice Premier He Lifeng. This meeting comes after a recent phone call between Presidents Trump and Xi, highlighting the complex history of U.S.-China trade relations marked by cooperation and conflict.
Nvidia CEO Jensen Huang criticized US export controls on technology to China, claiming they hinder American competitiveness and bolster Chinese AI development. Despite a recent trade truce, tensions remain high, particularly over Huawei's advanced chips, as China accuses the US of unilateral bullying. Huang emphasized the potential $50 billion market in China, lamenting the financial losses from export restrictions.
China has condemned a new U.S. rule banning the use of Huawei's Ascend chips globally, highlighting ongoing tensions despite a temporary truce in the trade war. The U.S. claims these chips violate export controls, while China urges the U.S. to lift tariffs that hinder cooperation. Beijing has begun to ease its own retaliatory measures, including lifting a ban on rare earth exports to the U.S.
The United States and China have agreed to reduce tariffs on each other's goods from 125% to 10% for 90 days, following negotiations in Geneva. This move aims to ease tensions and stabilize financial markets while further discussions are set to take place, led by key trade representatives from both nations. The reduction signals a potential shift away from escalating trade conflicts, although the trade war is not yet over.
The US Federal Reserve has maintained its key interest rate at 4.25 to 4.50 percent, indicating no urgency for changes amid rising economic uncertainty. With inflation data on the horizon, the Fed is cautious, noting increased risks of higher unemployment and inflation. Meanwhile, trade tensions continue as tariffs are imposed, and talks between the US and China are set to occur in Geneva.
Gold prices are under pressure ahead of the Federal Reserve's interest rate decision and Jerome Powell's remarks, with a current price around $3,385, reflecting a 1.35% drop. Easing trade tensions between the US and China may influence market sentiment, as negotiations are set for this weekend in Switzerland. Investors are keenly awaiting Powell's rhetoric for clues on future monetary policy, with the potential for gold to approach the $3,500 mark if the Fed's meeting yields positive outcomes.
Bitcoin's price has rebounded to $97,000 as trade tensions between the US and China ease, with investors optimistic about upcoming negotiations in Switzerland. The Federal Reserve's key interest rate decision is anticipated at 20:00, with a 99% chance of a pause, potentially influencing Bitcoin's trajectory towards the $100,000 mark. However, a disappointing outcome could lead to profit-taking, with the $95,000 level in focus as a downside risk.
Chinese Premier Li Qiang urged for dialogue over confrontation during a meeting with U.S. Senator Steve Daines, emphasizing the need for cooperation amid rising tensions over trade tariffs and fentanyl trafficking. Daines, a supporter of President Trump, is the first U.S. lawmaker to visit Beijing since Trump took office, and he coordinated closely with the White House on these issues. Li highlighted the importance of fair competition and the necessity for both nations to work together to ensure stable relations.
He Lifeng
People
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