Bitcoin BTC$110,935.34 traded above $111,000 on Friday morning in Europe, supported by news of a confirmed meeting between U.S. President Donald Trump and Chinese President Xi Jinping.

The two leaders will meet on Oct. 30 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in South Korea – the first face-to-face encounter since Trump took office.

The meeting comes amid escalating trade tensions, with Trump announcing additional 100% tariffs on Chinese imports in response to Beijing tightening its grip on rare earth exports. These tariffs are set to take effect on Nov. 1 unless the two sides reach a deal by then.

European stocks traded higher alongside gains in BTC as futures tied to the S&P 500 rose 0.3%. The Euro Stoxx 50 index rose 0.25% and Germany’s DAX gained 0.15%. Gold, meanwhile, dropped nearly 1% to $4,089 as the U.S. inflation data loomed.

Read: How Much Could Bitcoin, Ether, XRP and Solana Move After the U.S. Inflation Report?