US Cuts Tariffs on China: Can Bitcoin Bounce Back from Sub-$108,000 Dump?

The POTUS said the meeting between the two superpowers was a 12 out of 10.

The presidents of the world’s two most powerful economies met in South Korea earlier today, resulting in several tariff cuts for China.

US President Donald Trump outlined decisions taken after the meeting, including an across-the-board tariff reduction from 57% to 47%. Some products, such as fentanyl, were reduced to 10%.

BREAKING: President Trump announces tariff cuts on China after a “great” meeting with President Xi, including:

1. Fentanyl rates reduced to 10%, effective immediately

2. General tariffs for China reduced from 57% to 47%

3. China will ‘discuss’ chip restrictions with Nvidia…

— The Kobeissi Letter (@KobeissiLetter) October 30, 2025

Both countries will also cooperate in the war between Russia and Ukraine, while China agreed to discuss chip restrictions with Nvidia. The POTUS continues revealed a one-year deal with Beijing on the supply of rare earths, and said he will leave for China in April 2026.

“On a scale of 0 to 10, I would say the meeting with President Xi was a 12,” Trump concluded.

The trade negotiations between the two countries have had serious consequences for the price of BTC in the past. Consider the events that unfolded when Trump announced a new set of tariffs on October 10 and Bitcoin’s immediate plunge from over $121,000 to under $110,000 on most exchanges.

Earlier today, assets fell below $108,000 for the first time in a week, which was quite surprising given the Fed’s rate cut announced yesterday. Nevertheless, BTC rose to over $110,000 at the time of writing, as news of the US-China deal went live.

Still, on a daily scale, BTC’s plunge has liquidated more than $360 million worth of Bitcoin-related longs, while the total positions destroyed across the market are worth more than $800 million, according to CoinGlass.

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