Bitcoin (BTC) Starts the Week with a Miniscule Loss, Trading at $103,890

Bitcoin on Monday, May 12, reflected a miniscule loss of 0.15 percent to trade at $103,890 (roughly Rs. 88 lakh)

U.S. President Donald Trump announced a “total reset” in U.S.-China trade relations following high-level talks in Geneva on Monday, setting the stage for further developments in the ongoing trade dispute between the two economic superpowers.

The statement follows months of tension and uncertainty in the trade sphere, with both sides imposing tariffs on various goods.

The move comes as no surprise, considering the two presidents had a brief encounter at the G20 summit in Japan last week, where they agreed to restart trade talks that had stalled since December 2019.

During the talks in Geneva, Trump and Chinese President Xi Jinping discussed a broad range of issues, including trade, cybersecurity, and nuclear weapons.

The two leaders also agreed to keep in close contact in the coming months.

In a joint statement released after the talks, the two presidents said that they had a “candid and constructive exchange of views.”

“The two presidents agreed that the teams would continue to work closely together to resolve the remaining issues and create a balanced and mutually beneficial economic relationship,” the statement said.

The statement also said that the two presidents recognized the importance of cooperation in addressing global challenges, such as climate change and terrorism.

“The two presidents agreed to continue to work together to promote peace and stability in the region and around the world,” the statement said.

The talks took place at the Villa La Grange, a 17th-century mansion on the outskirts of Geneva, and were focused on reaching a "phase one" trade deal.

The two sides had been discussing a possible trade truce for weeks, after Trump announced plans to raise tariffs on $200 billion worth of Chinese goods on May 10.

The move sparked fears of a wider trade war, which could have had a significant impact on the global economy.

However, the two presidents appeared to make progress in their talks, and they agreed to keep talking in the coming months.

The talks were also attended by members of both presidents’ cabinets, including U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

From the Chinese side, Vice Premier Wu remarked on the positive developments in U.S.-China relations during a meeting with European Union officials on Monday.

"The two presidents had a frank and deep conversation, and the two sides had a good communication and reached consensus on how to properly handle economic and trade issues," Wu said.

"Both sides agreed to continue to closely stay in contact," he added.

The statement from the White House said that Trump and Xi had a "very good meeting."

"We had a great discussion, and we’re going to be working on a few things, and we’ll keep you informed," Trump said at a press conference after the talks.

Xi said that the talks were "positive and productive."

"We agreed to continue working together to build a healthy and stable economic relationship," Xi said through an interpreter.

The talks took place amid heightened tensions between the two countries over a range of issues, including trade, cybersecurity, and human rights.

However, both presidents expressed optimism that they could overcome their differences and build a strong economic partnership.