U.S. Reaching Out to China for Tariff Talks | COINDESK DAILY
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 2 May 2025
⏱️ 3 minutes
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Summary
Host Christine Lee breaks down the latest news in the crypto industry as Chinese state media acknowledges that the U.S. is reaching out to them to hold tariff talks.
Chinese state media acknowledges that the U.S. is reaching out to them to hold tariff talks, boosting bitcoin above $97,000 as optimism about a possible U.S.-China trade deal emerges. Plus, an April U.S. jobs report surprise and Tether plans to launch a U.S.-focused stablecoin by late 2025. CoinDesk's Christine Lee hosts "CoinDesk Daily.
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This episode was hosted by Christine Lee. “CoinDesk Daily” is produced by Christine Lee and edited by Victor Chen.
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Transcript
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| 0:00.0 | The U.S. is reaching out to China and they're picking up the phone. It's Friday, May 2nd, |
| 0:05.7 | 2025. I'm Christine Lee. This is Coindex Daily. Bitcoin spiking over 97,000 early Friday, |
| 0:17.4 | as traders expressed optimism over a potential U.S.-China trade deal that could ease |
| 0:21.9 | global economic tensions. A Chinese state media-affiliated social media account posted on Waiibo |
| 0:27.7 | that the U.S. has proactively reached out to China through multiple channels, hoping to hold |
| 0:32.9 | discussions on the tariff issue. This is an improvement from China's foreign ministry, which has so far denied any formal talks, |
| 0:40.6 | highlighting Beijing's cautious stance. |
| 0:43.0 | U.S. Treasury Secretary Scott Besson expressed competence in de-escalating the trade dispute, |
| 0:48.0 | telling Fox business that high tariffs of 145% on the U.S. side and 125% on the Chinese side needed to be de-escalated for negotiations |
| 0:57.7 | to begin and that he was confident that the Chinese will want to reach a deal. |
| 1:02.5 | Analysts note that the de-escalation in trade disputes could spur institutional investment in |
| 1:07.2 | Bitcoin already buoyed by pro-crypto policies and ETF inflows. Market observers see |
| 1:13.0 | $100,000 Bitcoin as achievable driven by strong liquidity, institutional demand, and speculative |
| 1:19.7 | alt-coin activity. Meanwhile, the U.S. economy added 177 jobs in April, surpassing economist |
| 1:26.3 | expectations of $130,000, according to the Bureau of Labor |
| 1:30.3 | Statistics, non-farm payrolls report. The unemployment rate held steady at 4.2% of forecast. This |
| 1:36.7 | mortgage report will likely cool the idea of imminent Federal Reserve rate cuts. While market participants |
| 1:42.3 | had written off the idea of any Fed move in May, |
| 1:45.2 | they had priced in about a 60% chance of a rate cut in June and about a 90% chance of |
| 1:51.3 | one or more rate cuts by the July Central Bank meeting, according to CME FedWatch. Bitcoin |
| 1:56.8 | dipping below $97,000 in the moments following the report. |
| 2:07.1 | Finally, Tether, the issuer of the $148 billion USDT stablecoin, plans to launch a U.S. focused stablecoin by late 2025 or early 26, pending final U.S. stablecoin legislation, |
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