US President Donald Trump took it to his social media platform, Truth Social, to announce that the two leading economic countries have reached a trade deal agreement, which is now in the final stretch of being officially signed.
The terms include a total of 55% tariffs for the US and 10% for China. Trump added that the relationship between the two is “excellent,” and Chinese students will continue using US colleges and universities, which have “always been good with me.”
Despite the announcement, the term “total of 55% tariffs” for the US remains rather vague, and investors are still waiting for further details.
The deal, reached only two days after talks began in London on Monday, is now only subject to approval by Chinese President Xi Jinping and the POTUS, who appears rather satisfied with the terms.
In other, somewhat related news, the US CPI data for May went live, showing lower than expected numbers. The annual inflation rate is at 2.4% and a minor 0.1% increase for the month. According to CNBC, this suggests that the tariffs are not significantly impacting the US economy, as many had feared, at least for now.
BTC’s price reacted almost immediately to the two developments and went from roughly $109,000 to nearly $110,000 within minutes. It has failed to continue upward and now sits around $400 away from the upper range boundary.
