Following the announcement, Bitcoin’s price surged rapidly. At the time of the news, BTC climbed to $119,800. Earlier in the day, it had surpassed $122,000, gaining momentum toward a $123,000 record. However, this rise was short-lived, and BTC fell back to $119,000. 

Critical Levels and CME Gap in Bitcoin Price 

According to analysts, there is a significant CME gap below the $119,000 level. Coinmühendisi analysts mentioned this gap in their analysis yesterday morning. Titan of Crypto also noted that this gap needs to be filled before the upward trend can continue. This could limit BTC’s short-term movement. Historically, price has often moved to close this gap. 

Meanwhile, upcoming CPI and PPI data releases in the U.S. will also influence price direction. The figures, due on August 12 and 13, will clarify inflation trends. A decrease in inflation would strengthen expectations for a rate cut in September. Currently, the probability of a Fed rate cut at the September FOMC meeting stands at 86.4%. 

Two Possible BTC Scenarios from Analysts 

Crypto analyst Altcoin Shrpa pointed out two potential scenarios for BTC. In the first, the price pulls back to form a higher timeframe bottom, which could take weeks, followed by a more sustainable rise. In the second scenario, the price could retest the $120,000 peak, coinciding with increased treasury activities and macroeconomic developments. 

Ultimately, both shifts in trade policies and economic data will determine Bitcoin’s direction. Investors are closely monitoring these developments to shape their strategies. 

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Trade Agreements and Critical Talks with China

Bessent emphasized that the US is following a crucial roadmap in its trade policies. He announced that tariffs imposed on China will end on August 12. Furthermore, Bessent stated that meetings with China on Monday and Tuesday will advance the process to a new level. He said, “If the US produces more, China will consume more,” indicating mutual benefits. He also noted that trade talks with Japan are progressing well, adding, “I wouldn’t be surprised if we reach a quick solution.” 

Bessent highlighted August 1 as a tough deadline for all countries and said many trade deals will be finalized by then. He stressed these agreements will bring substantial investments to the US. 

Key Details on Russia and Customs Revenues

Bessent continues coordinated efforts with European countries on oil tariffs targeting Russia. He is also conducting tough negotiations with G-7 countries regarding Russia. The Secretary said it is possible to generate a total of $2.8 trillion in customs revenue over the next 10 years. 

Additionally, he predicted the US economy will grow by 3% or more in the first quarter of 2026. These figures send positive signals for the global economy. 

Bessent’s remarks indicate critical turning points for the US economy and global trade. Tariff and investment decisions will be closely monitored in the markets going forward.

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The agreement was also confirmed by U.S. President Donald Trump. Trump stated that the new trade framework with China is comprehensive and considers mutual interests. Meanwhile, Lutnick said this agreement will strengthen the economic balance between the two countries. 

Deadline for Tariff Regulations July 9 

Howard Lutnick revealed that the deadline for arrangements regarding mutual tariffs is July 9. The U.S. side has fixed total tariffs on Chinese goods at 55%. This rate will not change in the near future. China will impose a 10% tariff on products imported from the U.S. 

Secretary Lutnick also stated they are open to additional negotiation requests from other countries. He expressed optimism about ongoing trade talks with the European Union. The agreement with the EU is expected to be final and long-term. 

Trade Plans with India 

Following the trade deal with China, U.S. President Donald Trump announced a trade agreement with India is on the way. Trump said, “An agreement with India could come soon.” He also noted that China is beginning to “open up” economically. However, no detailed information was shared regarding India. Trade negotiations between the U.S. and India are ongoing, covering many sectors such as agricultural products, e-commerce, and data storage. The first phase of the agreement is expected to be completed by fall 2025. 

Sectoral Impact of the Agreement Will Be Significant 

Rare earth elements are critically important, especially in technology, defense, and automotive sectors. China’s release of these resources will directly benefit U.S.-based production lines. At the same time, Chinese companies will have easier access to raw materials and energy supplies from the U.S. 

Lifting restrictions on ethane exports will create new opportunities for exporters in the energy sector. This opening will strengthen the U.S. economically and geopolitically. This agreement may mark a new era not only between the two countries but also in global trade dynamics. With other agreements to be announced soon, this impact could expand further. 

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According to the Wall Street Journal, tariffs could drop from 145% to between 50% and 65%, though no official confirmation was given. White House spokesperson Kush Desai called such reports “pure speculation” unless directly announced by Trump.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

President Donald Trump said, “We’re going to have a fair deal with China,” and added that a final decision on tariffs would come within 2-3 weeks.

Global Implications

Treasury Secretary Scott Bessent stated that both countries consider the current tariff levels unsustainable, although no timeline for formal negotiations has been set.

Markets responded positively to the news, with the S&P 500 rising nearly 3%, fueled by Trump’s softened stance on the Fed and hints at a China deal.

The IMF warned, however, that such tariffs would slow economic growth and raise global debt levels.

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China to Impose 34% Additional Tariffs on All US Goods from April 10

The Ministry of Finance has declared that a 34% additional tariff will be applied to all US-origin goods starting from April 10. This decision is seen as a retaliation against the previous tariff increases imposed by the US on China. Chinese officials stated that this tariff hike aims to protect domestic industries and maintain trade balance.

Export Restrictions on Rare Earth Elements

Beijing has also decided to strictly regulate the export of medium and heavy rare earth elements to the US. Starting April 4, the export of samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium to the US will be restricted.

The Chinese Ministry of Commerce emphasized that these restrictions are intended to safeguard national security and economic interests, stating:

“The Chinese government’s implementation of export controls on certain products is part of its efforts to fulfill international obligations and prevent proliferation. At the same time, it ensures a more efficient use of China’s strategic resources.”

“Unreliable Entities” List Expanded

Taking the trade conflict a step further, China has added 11 more foreign companies to its “unreliable entities” list. Companies on this list may face various trade restrictions and severe sanctions when conducting business with China.

These developments could trigger a new wave of tension in US-China trade relations and increase uncertainty in global markets.

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