Markets rallied Friday after White House Council of Economic Advisers Chair Stephen Miran hinted that the U.S. could roll back its 145% tariffs on China “within weeks.” The comments, delivered during a Bloomberg TV interview, reinforced hopes of renewed U.S.-China cooperation and contributed to gains across both equity and crypto markets, including Bitcoin, which held firm above $97,000.
Miran: “President Committed to a Deal”
Although Miran is not directly involved in ongoing negotiations, he expressed strong confidence in President Donald Trump’s ability to strike a trade agreement with China, citing the 2019 “phase one” deal as a successful precedent.
“The president has been very clear that he thinks there will be a deal with China,” Miran said. “And I think the president is right.”
Miran added that he would be surprised if tariff rates remain at their current levels in the coming weeks. His remarks suggest that a de-escalation in the trade war may be on the horizon, providing much-needed relief to both the U.S. and Chinese economies.
China Responds with Caution
Earlier Friday, China’s Ministry of Commerce released a measured statement, noting that it is still evaluating the trade environment. While no formal agreements have been announced, Miran emphasized that ongoing communication itself is a positive signal.
“Talking is better than not talking,” he said, pointing to continued backchannel dialogue as a sign of progress.
Broader Trade Outlook and Implications
Miran also touched on the potential for reviving purchase agreements similar to those in the 2020 U.S.-China trade framework. While he refrained from detailing any specific metrics, he noted that trade balancing efforts with both China and Europe are “on the table.”
Despite his limited direct role, Miran stressed that President Trump often surprises markets with deal-making capabilities, calling them “deals nobody expects.”
Bitcoin Reacts as Markets Rally
Miran’s comments were met with enthusiasm by financial markets. Bitcoin (BTC) remained stable above $97,000, reversing much of the panic-driven selloff from early April when prices had dropped to nearly $75,000. Traders now anticipate a possible retest of the $100,000 level, especially if a concrete breakthrough in U.S.-China negotiations materializes.
In tandem, U.S. stocks surged, with investors recalibrating expectations around tariffs, trade growth, and global demand. As trade tensions show signs of cooling, risk assets like Bitcoin and tech stocks appear to be the primary beneficiaries.
