The US and China have made significant progress on a trade deal framework, potentially avoiding the 100% additional tariffs announced by President Trump on October 10. Treasury secretary Scott Bessent revealed the positive negotiations and hopes for broader discussions with China.

Trade tensions between the US and China have eased, leading to President Trump confirming a meeting with China’s President Xi Jinping on October 31. Previously, Trump’s refusal to meet with Chinese representatives raised concerns about a prolonged trade war between the two countries.

Crypto markets saw a modest rally following the news of the trade framework and increased likelihood of a deal between the US and China. Investors, traders, and industry executives expressed optimism as Bitcoin, Ether, and SOL experienced price increases on Sunday.

President Trump’s announcement of additional 100% tariffs on China on October 11 triggered a crypto market meltdown, causing some tokens to lose up to 99% of their value in 24 hours. However, following Bessent’s announcement of positive trade negotiations, Bitcoin, Ether, and SOL saw price gains.

Investment advisor Jeff Park predicts that the positive trade deal news could lead Bitcoin and gold to new all-time highs. Investor Anthony Pompliano also expects asset prices to surge if the US-China trade deal is confirmed and the Fed cuts interest rates.

Read more at Cointelegraph: US Treasury’s Bessent Signals US-China Trade War May Be Nearing The End