@kevinhastelum
The Chinese government announced that it will lift the additional 24% tariffs currently levied on American goods effective November 10.
This policy shift will serve as a catalyst for a broader market recovery, especially since cryptocurrencies have been under significant macroeconomic pressure in recent months, and this de-escalation will benefit them.
Bitcoin immediately responded to the Chinese government's announcement with a 3% rise. The flagship cryptocurrency has returned above the psychologically important $100,000 level and is trading around $102,000 at the time of writing.
Following US President Donald Trump's meeting with his Chinese counterpart in South Korea, China has taken steps to reduce tariffs on American goods, and investors are now expecting a similar move from the United States.
But Chinese traders buying U.S. soybeans will still face 13% tariffs, in addition to the existing 3%
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