The trade tensions between China and the United States seem to be easing, as representatives from both governments issued a statement on Sunday signaling a willingness to resume trade negotiations, and analysts are hopeful for a market rebound.
In a statement, the Chinese Ministry of Commerce expressed its "readiness to strengthen dialogue" and communicate with other countries regarding trade and the recently announced export controls on rare earth minerals, which have exacerbated the trade tensions between China and the U.S.
The spokesperson also stated that China would "actively consider" terms in the rare earth export policy that promote trade and strengthen supply chains, including "license exemptions." U.S. President Trump made a related statement on the same day.
China's announcement regarding rare earth exports prompted a response from President Trump on Friday, leading to a crash in the cryptocurrency market, marking the most severe liquidation event in cryptocurrency history within a 24-hour period.
The easing rhetoric may signal a de-escalation of tensions between the two countries, potentially ending months of global trade tensions triggered by Trump's trade tariffs, which have caused turmoil in financial markets.
"If President Trump responds and de-escalates on Sunday, the market will see a significant rise on Monday. The market remains highly reactive to Trump's posts," wrote an investment analyst from The Kobeissi Letter on Sunday.
On Friday, Trump stated there was "no reason" to meet with Chinese President Xi Jinping at the Asia-Pacific Economic Cooperation (APEC) summit scheduled for October 31 in Seoul, in response to China's announcement of rare earth export controls.
Trump also announced an additional 100% tariff on China as a countermeasure to the proposed rare earth export controls.
However, investment firm Bitwise advisor Jeff Park stated that a meeting between the two sides "will definitely happen."
"This has nothing to do with tariffs," Park argued, adding that Trump would attend the meeting because he is driven by "historical memorabilia, photo opportunities, and lavish ceremonies to ensure his immortality."
Related image: SEC Chairman pushes for "future protection" regulatory policy, laying the groundwork for the cryptocurrency industry's freedom after Trump's departure.
Original text: “Signs of Easing Trade Tensions Between China and the U.S., Analysts Optimistic About Cryptocurrency Market Rebound”
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