The most popular cryptocurrency, bitcoin, is posting the strongest performance among the world’s primary markets since President Trump on Apr. 2 announced “Liberation Day” and rolled out sharply higher US tariffs on imports. Gold is a strong runner-up since the announcement. US Treasuries are up only fractionally while US stocks are slightly under water since a pivotal shift for global trade roiled markets more than a month ago, based on a set of ETFs through yesterday’s close (May 7).

The iShares Bitcoin Trust ETF (IBIT) has rallied 10.7% since Apr. 2. Gold (GLD) is in second-place for the post-Liberation-Day market regime with an 7.8% increase. Medium-term Treasuries (IEF) are basically flat and US equities (VTI) are down 0.7%. The biggest loser: a broad measure of commodities (GCC), which has shed 4.2%.  

Markets will be watching for fresh reasons to bid assets higher ahead of two key trade events in the days ahead. The first is scheduled for later today, per President Trump’s announcement on social media that the US is set to sign a new trade deal with Britain. “This should be a very big and exciting day for the United States of America and the United Kingdom. Press Conference at The Oval Office, 10A.M,” he wrote. If a deal is signed, it would be the first since Trump announced sweeping global tariffs. 

A bigger prize for the global economy is a stake this weekend, when the US and China are scheduled for trade talks in Geneva. Treasury Secretary Bessent, who will be the point person for the US in the talks, said that two sides will work out an agenda on Saturday. “Look, we have a shared interest that this [trade war] isn’t sustainable,” he said. “And 145% [tariffs on China, 125% is the equivalent of an embargo. We don’t want to decouple. What we want is fair trade.”