Bitcoin Surges as US and China Slash Tariffs in 90-Day Deal

The United States and China have agreed to a 90-day tariff reduction on each other’s goods to de-escalate the ongoing trade conflict.The announcement, made on May 12, sees the US lowering its tariffs on Chinese imports from 145% to 30%. Meanwhile, China will reduce its tariffs on US goods from 125% to 10% for the same period.US-China Slash Tariffs, Bitcoin Reacts FastThe decision follows months of escalating trade tensions that have disrupted global markets and strained economic relations. The crypto market also took a hit, with Bitcoin’s price plunging below $80,000 following President Trump’s tariff announcements on April 2.Nonetheless, BTC rebounded strongly from its April lows and has continued rallying. Notably, after this announcement, the largest cryptocurrency has surged 1.3%, hitting highs not seen since January 31.At press time, BTC traded at $105,251.