Trump and Xi Strike Surprise Trade Breakthrough in Busan Summit, Bitcoin Rebounds Above $110K

30. Oct 2025 Posted by Bailey S. on News

Markets were on edge Thursday as U.S. President Donald Trump and Chinese President Xi Jinping wrapped up a tense summit in Busan, South Korea—one that at first appeared to end without resolution. The lack of an immediate joint press conference briefly rattled investors, pushing Bitcoin down nearly 2% in early morning trading.

Market Dip Turns to Relief Rally

The summit, which ran over an hour and a half—longer than anticipated—had traders bracing for the worst. Bitcoin briefly fell to around $108,000 at 4:00 a.m. UTC after news broke that the two leaders had parted ways without comment. But markets reversed course sharply within the hour as fresh details emerged.

In his first post-meeting statement, Xi Jinping told reporters that the two nations had “reached a basic consensus on major concerns and made encouraging progress.” President Trump, calling Xi “a tough negotiator,” hinted at a positive outcome as both leaders shook hands before departing.

Xi remained in South Korea to continue diplomatic rounds at the APEC Summit, while Trump boarded Air Force One bound for Washington.

Trump’s “12 out of 10” Deal

Minutes into the flight, President Trump surprised reporters with an impromptu press conference at roughly 4:40 a.m. UTC, declaring that “the meeting was a 12 out of 10—truly fantastic.” The upbeat remarks instantly lifted sentiment across global markets, sending Bitcoin back above $110,000.

Trump outlined three major agreements:

  • Rare Earth Relief: China will continue exporting rare earth materials to the U.S., suspending planned restrictions for one year. “No more obstacles on rare earths,” Trump confirmed.

  • Soybean Restart: Beijing will immediately resume large-scale soybean imports, a win for U.S. farmers and a key point for Trump’s domestic agenda.

  • Fentanyl Tariff Cut: China will tighten controls on fentanyl precursors, while the U.S. reduces related tariffs from 20% to 10%, lowering the overall tariff burden on Chinese goods from 57% to 47%.

The announcements mark a dramatic reversal from the previous week’s “Black Friday” tension, when fears of 100% tariffs spooked investors and sent risk assets tumbling.

Looking Ahead

Trump also revealed that Xi plans to visit the U.S. “very soon,” with Trump himself scheduled for a return visit to China in April—moves signaling an effort to stabilize one of the world’s most consequential trade relationships.

For now, the Busan summit appears to have not only eased geopolitical strain but also reignited optimism across crypto and traditional markets alike.