US and China continue negotiations on a trade agreement in Madrid, Spain
Scott Bessent led the U.S. delegation in a dialogue aimed at easing bilateral tensions and resolving the TikTok situation in the country.
Scott Bessent in Madrid, Spain before meeting with China's vice premier.
Delegations from the United States and China met in Madrid (Spain) this Monday to resume their talks to try to reduce their differences on trade and technology.
The meeting, hosted by the Spanish Foreign Ministry, was led by Treasury Secretary, Scott Bessent, and Chinese Vice Premier He Lifeng. The dialogue is expected to continue until Wednesday.
As reported by AFP, both leaders entered the ministry early in the morning. Among the issues to be discussed, Bessent and He will talk about bilateral trade relations - with President Donald Trump warning about setting high tariffs on goods imported from China as a central theme -and Washington's demand that TikTok be sold to a non-Chinese owner so it can continue to operate in the United States and not be banned.
Trump gave a deadline of November 10 to reach a deal that would not involve a sizable tariff hike on all imports from Beijing.
Agreement on TikTok "very close"
At the end of Monday's meeting, Bessent noted that both sides are "very close" to resolving one of the two main issues to be addressed: the sale of TikTok.
"On the TikTok deal, we are very close to resolving the issue. If we don't reach an agreement on TikTok, it doesn't affect the overall relationship between the two countries, which is good," Bessent said.
The latest extension granted by Trump to the TikTok sale concludes on Sept. 17.
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