- U.S. and China reported “substantial progress” in recent trade talks, though no specific details were disclosed.
- China’s consumer prices fell for a third month, highlighting ongoing weakness in its economy.
- Major cryptocurrencies, including Bitcoin and Ether, dropped amid market caution and ETF outflows.
U.S. stock futures rose Sunday night after the White House announced that trade discussions between the United States and China had achieved “substantial progress.” The announcement followed two days of negotiations in Switzerland, according to statements from Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer.
Stock index futures responded positively, with Dow futures up 1.3%, S&P 500 advancing 1.4%, and Nasdaq 100 rising 1.6%. Bessent described the talks as “productive” after meetings with China’s vice premier and two vice ministers. “We made substantial progress between the U.S. and China in the very important trade talks,” Bessent stated. Greer added that the speed of the discussions indicated fewer disagreements than anticipated. “It’s important to understand how quickly we were able to come to an agreement,” he said.
Both U.S. officials noted that no specific details regarding tariffs, deadlines, or enforcement measures would be given until a full announcement, expected Monday. Current trade restrictions include a 145% tariff imposed by the U.S. on most Chinese imports, with China retaliating with tariffs up to 125% on U.S. goods. These measures were introduced because of ongoing trade imbalances and national security issues, including those linked to the opioid crisis.
The willingness of China to engage in talks may reflect rising domestic pressures. Recent economic data released Saturday showed that China’s consumer prices fell by 0.1% year-on-year in April, marking the third consecutive month of deflation. This pattern, as reported by Reuters, emphasizes weak consumer demand and increases expectations for more stimulus from the People’s Bank of China.
Despite positive comments from officials, the lack of specific information weighed on cryptocurrency markets. According to CoinGecko, Bitcoin slipped 0.6% to $103,900, while Ether fell 2.9% to $2,507. Other digital assets, including Solana, Dogecoin, and XRP, declined between 4% and 8% due to heavy liquidations and outflows from exchange-traded funds.
Further details on the U.S.-China trade talks are expected in a joint White House statement on Monday. For more, see the White House’s official summary of the meeting here and economic context from Reuters here.
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