The United States is “very close” to finalizing an agreement with China over TikTok, Treasury Secretary Scott Bessent said Monday, September 15, as trade negotiations resumed in Madrid.
Bessent and Chinese Vice Premier He Lifeng launched a new round of discussions on Sunday aimed at easing tensions on trade and technology. Talks are set to continue through Wednesday — the same deadline for TikTok to secure a non-Chinese buyer or face a U.S. ban.
“On the TikTok deal itself, we’re very close to resolving the issue,” Bessent told reporters, adding that even without a settlement, relations between Washington and Beijing remain “very good at the highest levels.”
TikTok, owned by China-based ByteDance, has faced U.S. scrutiny for years over national security concerns. A law requiring its sale or ban was due to take effect before Donald Trump’s inauguration on January 20, but the Republican president delayed enforcement, extending TikTok’s deadline by 90 days in June. That grace period expires this week. Trump, who initially backed a ban, later shifted course after concluding the app helped him secure support from younger voters in the 2024 election.
The Madrid talks also touch on Trump’s tariff threats. Earlier this year, tit-for-tat duties escalated into triple digits, disrupting global supply chains. Both sides later eased tensions, with Washington imposing 30% tariffs on Chinese imports and Beijing responding with 10% on U.S. goods. That truce expires in November, and Washington has accused Beijing of stalling export licenses for rare earths critical to defense and tech industries.
China, the world’s top rare earth producer, has countered with new moves. On Saturday, Beijing announced two probes into the U.S. semiconductor sector, including an anti-dumping investigation into American IC chips and a review of alleged discriminatory practices against Chinese firms. A separate inquiry launched Monday accused chip giant Nvidia of breaching Chinese antitrust laws.
The flurry of exchanges comes amid speculation of a possible meeting between Trump and President Xi Jinping later this year. Both governments’ top defense and diplomatic officials held back-to-back calls last week, fueling expectations of direct talks.
Despite disputes over TikTok, tariffs, and semiconductors, Trump has said he expects to visit China soon and insisted economic ties remain on an “upward trajectory.”
0 Comments