Donald Trump met with Xi Jinping to address the tariff issues that have submerged cryptocurrencies this month.

The President of the United States, Donald Trump, and the General Secretary of the Communist Party of China, Xi Jinping, just had a direct meeting in South Korea to stabilize bilateral relations and address the tensions surrounding tariffs.

Before the meeting, President Trump expressed optimism about the negotiation process, stating: “We have reached many agreements and will continue to reach some more agreements right now.”

He also emphasized: “I believe that we will build a great relationship in the long term ahead,” in a video posted by the White House on social media X on Thursday. The account Rapid Response 47 X confirmed that the meeting ended successfully.

The reimposition of tariffs by Donald Trump since returning to the White House, along with China's retaliatory move to restrict exports of rare earth elements, has raised concerns about the risk of a global economic recession. Some of the strictest tariff impositions in recent times have caused significant shocks in the cryptocurrency market, exemplified by the event on October 10 when Bitcoin (BTC) plummeted from 121,560 USD to below 103,000 USD.

According to sources from international media, both the United States and China do not wish to destabilize the global economy, therefore organizing a face-to-face meeting is necessary to discuss and find a suitable direction for the issue of tariffs.

Trump has no intention of carrying out the threat of new tariffs

U.S. officials said President Trump is not expected to carry out the threat of imposing an additional 100% import tariff on Chinese goods. On China's side, it is expected to relax export controls on rare earths and may increase soybean imports from the United States.

Tariffs cause significant instability for the Bitcoin and AI mining industry

In the past week, President Trump met with several leaders from Asian countries, including officials from Malaysia – a country that is emerging as a center for the production and export of Bitcoin mining equipment to the United States. Currently, the U.S. imposes a 19% tax on goods exported from Malaysia.

These tariff measures have created significant instability for Bitcoin mining businesses in the United States, which rely on imports from Southeast Asia. At the same time, China's restrictions on rare earth exports have also raised concerns for many technology companies about the risk of disrupting the hardware supply chain for the artificial intelligence industry (AI).

Mr. Teacher