Overview

• President Trump suggested reducing tariffs on Chinese goods from 145% to 80%, leaving the decision to Treasury Secretary Scott Bessent ahead of weekend talks.
• US-China trade negotiations in Geneva are expected to focus on de-escalating the trade war, which has heavily impacted global markets and supply chains.
• The US-UK trade framework, finalized earlier this week, maintains a 10% baseline tariff but includes sector-specific concessions, spurring cautious market optimism.
• Global equities, Treasury yields, and cryptocurrencies have rallied, with Bitcoin surpassing $100,000, reflecting investor hopes for broader trade agreements.
• India has proposed narrowing its tariff gap with the US to below 4% in exchange for exemptions from existing American tariffs.