The delegation included US Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, and Trade Representative Jamieson Greer, meeting China’s Vice Premier He Lifeng. The talks center around rare earth exports from China and Beijing’s access to advanced US technologies, particularly semiconductor chips.

Tariff Truce At Risk?

Although a temporary tariff truce was brokered in Geneva last month, accusations of non-compliance have followed quickly. Greer claimed China failed to remove export restrictions on rare earth magnets. Meanwhile, Beijing argued the US violated the agreement by halting sales of chip design software, discouraging the use of components from Huawei, and restricting student visas.

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The US had reduced tariffs on Chinese goods to 30% while China lowered its rates to 10%, both agreeing on a 90-day period to negotiate a full deal. Yet, both sides have since accused one another of backtracking.

Leadership Dialogue Offers Hope

The current meeting follows a rare phone call between Donald Trump and Xi Jinping—the first direct contact since the trade war began in February. Trump described it as “a very good talk,” adding that Xi agreed to resume trade in rare earth materials.

However, White House Economic Council Director Kevin Hassett told CBS News that while exports have resumed, they still fall short of what was agreed in Geneva.

Economic Stakes Are Global

With China responsible for mining 69% of the world’s rare earth elements—used in everything from smartphones to electric vehicles—any shift in supply dynamics will ripple across global markets.

Prior to this round of talks, He Lifeng also met with UK Chancellor Rachel Reeves, discussing closer cooperation on finance and economics.

Meanwhile, Trump‘s aggressive trade policy has raised concerns among economists. The OECD recently revised its global growth forecast downward to 2.9%, citing rising trade barriers.

New data from Beijing revealed May exports rose 4.8% year-over-year, while imports fell 3.4%—a much steeper decline than expected.

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Initially raising $200 million in January, the SPAC will help establish 21 Capital, a firm converting Bitcoin into equity at a projected value of $85,000 per BTC — echoing MicroStrategy’s strategy of using BTC as a balance sheet asset.

Institutional Strength Behind the Move

Tether is contributing $1.5 billion, Bitfinex adds $600 million, and SoftBank commits $900 million to the venture. An additional $550 million is expected to be raised via bonds and private equity to further expand the BTC holdings.

The announcement comes amid a new wave of institutional crypto optimism under the Trump administration, with Bitcoin trading near $92,000 and regulatory sentiment turning more favorable. This move is expected to be officially announced in the coming weeks.

Howard Lutnick, once skeptical of Tether’s liquidity, has taken a softer tone recently, especially during Senate testimonies. His firm, Cantor Fitzgerald, currently holds a large share of Tether’s U.S. Treasury reserves, indicating strong ties to the stablecoin giant.

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Sacks Rejects 0.01% Transaction Tax on Crypto!

In a recent episode of the All-In Podcast, host Jason Calacanis suggested a 0.01% tax on every crypto transaction. The tax would apply whether a user is buying, selling, or transferring cryptocurrency. Sacks responded:

“That’s always how taxes start. They are described as being very modest. You know, when the income tax started, it only applied to like a thousand Americans, and the legislators swore up and down that it would never be applied to middle-class people.”

He continued:

“I don’t particularly like the idea of new taxes, even if it is promised that they won’t affect people very much. That sounds burdensome to me.”

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Many crypto investors criticized the idea, warning it would create unnecessary costs even for transfers between wallets owned by the same person.

The recent White House Crypto Summit did not present any official tax policies. However, the Trump administration has signaled support for major tax reform in the United States.

Trump Proposes Eliminating Income Tax and IRS!

President Donald Trump has proposed eliminating the federal income tax and replacing it with tariffs on imported goods. Commerce Secretary Howard Lutnick added that the IRS would be replaced by an “External Revenue Service.”

According to Dancing Numbers, the plan could save each American taxpayer at least $134,809, and possibly up to $325,561 if state income taxes are repealed as well.

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Lutnick has led Cantor Fitzgerald since 1996, a financial services firm that has managed Tether‘s U.S. Treasury portfolio since 2021 and its bond portfolio since 2023. Tether, a stablecoin with a market cap of $129 billion, has faced scrutiny for its financial practices. Despite this, Lutnick has repeatedly expressed confidence in Tether’s financial health.

Lutnick has also voiced strong support for Bitcoin, notably announcing at the Bitcoin 2024 conference in July that Cantor Fitzgerald would launch a Bitcoin financing business, with $2 billion in lending. He has referred to Bitcoin as a commodity and criticized U.S. regulators for their slow adaptation to the digital and crypto world.

Lutnick will replace former Rhode Island governor Gina Raimondo as Commerce Secretary. His appointment is seen as a signal of the administration’s commitment to advancing crypto and digital assets in the U.S. financial landscape.

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While Bitcoin has seen a significant rise as a new asset class in recent years, it remains at relatively low adoption levels within traditional finance sectors. Howard Lutnick, CEO of the 70-year-old U.S. banking institution Cantor Fitzgerald, addressed these issues.

In a recent post on X, Lutnick highlighted that banks are indeed interested in Bitcoin and are willing to engage in BTC transactions as a new asset class. However, he pointed out that the current U.S. regulatory environment poses significant barriers to this process.

Lutnick noted that the primary obstacle preventing banks from holding Bitcoin is the stringent regulatory requirements. He explained, “Banks are required to set aside an equivalent amount of their own funds to hold BTC, which essentially traps them in a regulatory ‘prison.’”

He stressed that a more favorable regulatory environment could lead to a substantial increase in traditional finance companies’ investment in Bitcoin. Lutnick also mentioned that his company is committed to helping integrate Bitcoin fully into the traditional finance ecosystem.

“Over the past five years, Bitcoin has been outside the traditional finance community, and it is only now starting to make its entry into the global financial arena,” Lutnick said. “Cantor Fitzgerald is dedicated to facilitating the adoption of Bitcoin by traditional finance to its fullest extent.

Traditional finance wants to embrace Bitcoin as a new asset class and hold BTC, but the regulatory environment remains the biggest hurdle. If a bank were to hold your Bitcoin, they would need to set aside an equal amount of their own funds, which places them in a sort of ‘confinement.’

This is why banks are not holding Bitcoin. However, if the regulatory environment were more supportive, you would see traditional finance companies increasingly moving towards Bitcoin.”

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