US President Donald Trump’s May 14–15 summit with Chinese President Xi Jinping in Beijing captured global attention, as the world closely watched discussions aimed at easing the ongoing economic rift between the two nations. While trade tensions dominated the agenda, Bitcoin saw a notable surge, climbing 2.3 percent to $96,800 during the meeting. Data from CryptoAppsy highlighted a significant spike in market activity for Bitcoin at this time.
Trade tension and tech export controls
Efforts to resolve the nearly two-year US-China trade standoff brought a fresh focus on Washington’s export restrictions against advanced artificial intelligence chips, most notably NVIDIA’s H100 processors. These curbs have dealt a substantial blow to the $15 billion annual AI hardware sector, particularly affecting global chip supply chains.
During their meeting, Trump and Xi considered extending last October’s trade deal reached in South Korea, which had suspended tariffs on over $300 billion worth of goods. The agreement also encompassed the supply of minerals and battery materials crucial for cryptocurrency mining operations.
China reiterated its stance on arms sales to Taiwan and the island’s economic development, while other agenda items included aircraft purchases, agricultural products, energy deals, and new trade platforms. However, the talks yielded no breakthroughs on topics such as artificial intelligence, semiconductors, Taiwan, or Iran.
China tightens grip on digital assets
Despite speculation that Trump’s visit could soften China’s approach to cryptocurrencies, Chinese regulators have further tightened their grip this year. New rules target crypto trading, the tokenization of real-world assets, and yuan-backed stablecoins. Notably, from September 30, promotional crypto content will be banned from social media platforms.
Trump’s delegation included executives from corporate giants like BlackRock, Goldman Sachs, Visa, Mastercard, Apple, Tesla, Meta, Qualcomm, Micron, and Boeing. BlackRock and Goldman Sachs are planning global moves in Bitcoin ETFs and token-based financial products, while Visa and Mastercard are working on stablecoin-powered payment networks. According to Reuters, these firms are seeking new business partnerships in China.
Reva Goujon, a geopolitical strategist at Rhodium Group, observed that most delegates pressed for greater access to critical supplies, with only Boeing and Cargill directly involved in procurement deals.
China remains central to Bitcoin mining
Though North America leads in Bitcoin network growth, cryptocurrency mining enterprises remain heavily reliant on Chinese suppliers for their equipment needs. The dominance of Chinese hardware persists despite US ambitions to reduce this dependence.
In response, the US has introduced a legislative proposal known as the “Made in America Mining Act.” The bill seeks to incentivize domestic Bitcoin mining investments, strengthen local supply chains, and establish a national Bitcoin reserve. US senators argue that overreliance on foreign-made mining equipment poses future supply and security risks.
Data shows that the US now accounts for roughly 38 percent of global Bitcoin mining activity, but a striking 97 percent of its mining equipment still originates from China. The proposed law would set a timeline for switching to US-made hardware, requiring full compliance by 2030. Additionally, a certification program would verify US-sourced mining operations.
Should US-China relations improve, analysts predict equipment costs could fall and supply chains would speed up. However, further deterioration could drive up hardware prices and slow mining investments outside China. If China regains access to next-generation semiconductors, it might once again shift the profitability landscape for miners in the US, Canada, and Europe.
