- Xi told Trump both nations should be partners, not rivals, in a nearly two-hour Beijing summit.
- Bitcoin fell 1.5% as the crypto market cap dropped to $2.66T amid broader risk-off sentiment.
- Markets await tariff, Iran, and Taiwan signals from Beijing talks, with outcomes still uncertain.
High-stakes talks between President Trump and Chinese President Xi Jinping opened in Beijing. Xi told Trump that China and the United States should be “partners, not rivals,” framing the nearly two-hour summit as an opportunity to reset one of the world’s most consequential bilateral relationships.
Trump responded in kind, calling Xi a “great leader” and saying the relationship between the two countries would be “better than ever before.” Markets had been positioning cautiously ahead of the summit all week.
Crypto Pulls Back as Macro Uncertainty Persists
Bitcoin traded around $79,761, down 1.57% over 24 hours, as the broader crypto market cap slipped 1.52% to $2.66 trillion. Ethereum fell to $2,267 while XRP held relatively steady at $1.42, down 1.76% on the day. The Fear and Greed Index sat at 47, neutral territory that reflects a market waiting rather than moving.
Oil Waits on Beijing
Oil markets remained in a holding pattern ahead of any concrete outcomes from the Trump-Xi summit. Brent crude stayed elevated as the Strait of Hormuz disruption continued to bite. The IEA revised its 2026 global oil demand forecast down again, now expecting a 420,000 barrel per day decline year on year, with supply losses since February totaling 12.8 million barrels per day.
US commercial crude inventories fell 4.31 million barrels last week. Gasoline stocks dropped 4.1 million barrels as refiners ramped up utilization ahead of the summer driving season.
Copper Near Record Highs
Away from oil, copper extended gains above $14,000 per tonne, trading close to its all-time high of $14,527 set in January. Tight refined metal supply, firm Chinese spot demand, and limited sulfur availability in the Middle East are all supporting prices. Speculative net long positions in copper rose for a second consecutive week to their highest level since December 2025.
What the Summit Needs to Deliver
Markets entered the Beijing talks hoping for three things: progress on tariffs, signals on Iran, and stability on Taiwan. The warm opening is a better start than many expected. Whether the talks lead to concrete outcomes beyond diplomatic optimism will determine if recent market caution eases or intensifies further through May.
Related: David Sacks Calls CLARITY Act a Key Step for U.S. Crypto Policy
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