US Treasury Secretary Scott Bessent has provided a timeline for when talks will begin to settle the ongoing US China trade war, following yesterday’s reports of a restart of trade talks between the two largest economies. The BTC price is eyeing a breakout to $100,000 due to the optimism of a potential agreement between the two countries.
US China Trade War: Talks To Begin On Saturday
In a hearing before the House Financial Services Committee, US Treasury Secretary Scott Bessent revealed that negotiations with China will begin on May 10 in Switzerland. Contrary to earlier reports, Bessent noted that this is just the beginning of trade talks between both countries and not ‘advanced’ discussions.
As CoinGape reported, the Bitcoin price surged past $96,000 and even touched $97,000 following reports of a restart of trade talks between both countries. However, the BTC price quickly dropped below $97,000 following Bessent’s statement that the US-China trade talks haven’t advanced.
The US China trade war has been one of the highlights of Donald Trump’s tariffs and has continued to negatively impact the market. Both countries have raised tariffs to 145% and 125%, respectively.
Meanwhile, it is worth mentioning that the US Treasury Secretary revealed yesterday that they are close to reaching an agreement with 17 out of 18 key trading partners, with China being the exception.
During today’s hearing, Bessent declined to mention the exact countries, stating that doing so would be detrimental to US interests. However, he remarked that some trade negotiations are quite advanced towards agreements in principle.
Will BTC Price Break Above $100k Amid This Development
Crypto analyst Crypto Zeinab has predicted that the Bitcoin price could break above $100,000 amid the upcoming US China trade war talks. In an X post, the analyst noted that Bitcoin is now establishing the next leg of upside after a clean and clear retest of the support range.
Zeinab added that the Bitcoin price is aiming for $118,000, a new all-time high (ATH) followed by a rally to $130,000 which are the 1.272% and 1.618% Fibonacci levels.
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