In brief
- U.S. officials said trade talks with China made "substantial progress" but offered no details.
- China's consumer prices fell for a third straight month in April, underscoring economic weakness.
- Bitcoin and Ether declined alongside broader altcoin losses amid market caution and ETF outflows.
U.S. stock futures rose Sunday evening after the White House said trade talks with China had made “substantial progress,” though crypto prices fell amid a lack of detail and broader risk recalibration.
Dow futures climbed 1.3%, while S&P 500 and Nasdaq 100 futures gained 1.4% and 1.6%, respectively, after Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer described two days of negotiations in Switzerland as “productive” and “constructive.”
“We made substantial progress between the U.S. and China in the very important trade talks,” Bessent said Sunday, following closed-door meetings with China’s vice premier and two vice ministers. “We will be giving details tomorrow, but I can tell you that the talks were productive.”
Greer noted the speed of the discussions suggested narrower differences than previously thought. “It’s important to understand how quickly we were able to come to an agreement,” he said.
He also framed the talks against the backdrop of the U.S.’s $1.2 trillion trade deficit, calling the outcome a step toward addressing what President Trump had previously declared a “national emergency.”
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As of mid-May, the U.S. maintains a 145% tariff on most Chinese imports, with China responding with duties of up to 125% on American goods.
The restrictions were initially introduced over trade imbalances and national security concerns, including the opioid crisis.
In any case, the language from Bessent and Greer over the weekend points to China’s willingness to return to the negotiating table, which may also reflect growing domestic pressure.
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Data released Saturday showed consumer prices in China fell 0.1% year-on-year in April—the third consecutive month of deflation—underscoring weak demand and raising expectations for further stimulus from the People’s Bank of China.
Despite the upbeat rhetoric on Sunday, no specifics on tariffs, timelines, or enforcement mechanisms were disclosed. The lack of clarity weighed on crypto markets.
Bitcoin slipped 0.6% to $103,900, while Ether lost 2.9% to $2,507. Altcoins, including Solana, Dogecoin, and XRP, fell between 4% and 8% amid heavy liquidations and ETF outflows, data from CoinGecko shows.
A joint statement from the White House providing more details on the talks and the extent of the progress made over the weekend is expected on Monday.
