Trump's tariffs have sudden heavy news! China and the US will start a new round of trade negotiations next week, Bitcoin's 118,000 rebound is weak.

Today (23) during the European morning session, Bitcoin (BTC) failed to continue the rebound seen in the Asian session, with prices falling back to around $118,300. The favorable factors from the China-US trade war are supporting the Crypto Assets market, as US Treasury Secretary Scott Bessent suggested that President Trump may extend the tariff deadline against China, with new trade negotiations set to start next week between China and the US.

(Source: CoinMarketCap)

U.S. Treasury Secretary Becerra said on Tuesday that he may discuss extending the trade deadline set by President Trump with his Chinese counterpart during his meeting in Stockholm next week.

In mid-May, both parties agreed to suspend the imposition of high tariffs on most goods for 90 days during the continuation of trade negotiations. This suspension period will expire on August 12.

Besant stated, "We will discuss possible delays in the talks held in Stockholm on Monday and Tuesday, and I think the trade situation with China is very good."

Swedish Prime Minister Ulf Kristersson confirmed later on Tuesday morning that Sweden will host the latest round of talks between Washington and Beijing. Kristersson stated in a translated post on X: "Both countries (China and the U.S.) hope to meet in Sweden to seek mutual understanding, which is positive."

He said, "This negotiation mainly concerns Sino-US relations, but it also has significant implications for global trade and the economy. In the complex global environment, maintaining rule-based international trade and Sweden's economic interests is one of the government's top priorities."

Bessent stated that he hopes the negotiations can involve other areas where agreements might be reached, including urging China to slow down the "trend of manufacturing overcapacity and focus on building a consumer economy." The United States also wants to discuss "the sanctioned oil they purchase from Russia and Iran, as well as the measures they have taken during the Russia-Ukraine conflict."

"So I believe our cooperation with China has actually reached a new level, very constructive," he said. "Now trade has basically stabilized at a good level, and we will be able to accomplish many things."

This significant progress was achieved after multiple rounds of negotiations, during which the United States and China withdrew the embargo-level tariffs that could undermine the two major trading partners in the world.

In April of this year, Trump will raise tariffs on Chinese goods exported to the U.S. to 145%, and China has become the primary target of the new U.S. government in reshaping global trade patterns by imposing import tariffs on its economic partners. China retaliates with a 125% tariff on U.S. imported products.

In May this year, after the first round of negotiations held in Geneva, both sides agreed to reduce their respective tariff rates by 115 percentage points.

Subsequently, Chinese and American trade officials held a meeting in London at the end of June to confirm the preliminary agreement.

US-Japan Trade Agreement Triggers Risk Appetite Sentiment

Trump announced a broad trade agreement with Japan, boosting market sentiment and overall maintaining a positive trend, which helps to uplift global risk assets.

Trump stated that Washington and Tokyo have reached a broad trade agreement, which includes a 15% tariff on all imported Japanese goods, lower than the previously proposed 25%.

Under the agreement, the United States ensures that Japan provides a massive investment of $550 billion to the American economy. The agreement opens the Japanese market to American exports (including automobiles, agricultural products, and energy products), enhancing positive sentiment towards global trade and demand growth.

Global risk assets have surged significantly, while gold prices have fallen, reflecting an increased risk appetite.

Despite the trade causing a rise, Bitcoin is still trading in a narrow range, reflecting investors' cautious attitude towards further trade progress before Trump's August 1 deadline.

The US Crypto Assets Bill Supports Bitcoin; The Federal Reserve Meeting is About to Take Place

Last week, the U.S. government passed an important crypto assets regulation, providing support for crypto assets.

President Trump signed the U.S. GENIUS Act, establishing a federal regulatory framework for stablecoins.

In addition to the "GENIUS Act", the House of Representatives also passed two other important bills, which have now been submitted to the Senate for review.

Currently, people's attention is turning to the Federal Reserve's upcoming policy meeting on July 30, where investors will closely examine clues about future interest rate trends.

Today's Crypto Assets Prices: Most altcoin prices have retraced, Dogecoin has fallen

On Wednesday, most altcoins rose slightly, following the sluggish trend of the largest Crypto Assets.

In the broader "Crypto Assets Week" rebound, altcoins have surged significantly in recent trading days, but have since stabilized amid profit-taking at several months' highs.