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The United States is “very close” to reaching a deal with China to resolve their dispute over TikTok, US Treasury Secretary Scott Bessent said on Monday, as trade talks resumed in Madrid.
Bessent and Chinese Vice Premier He Lifeng began the latest round of discussions on Sunday, aiming to reduce tensions over trade and technology issues that have strained relations between the world’s two largest economies. The meetings are set to continue through Wednesday, the deadline for TikTok to find a buyer or face a ban in the US.
“We are very close to resolving the TikTok issue,” Bessent told reporters as he arrived at Spain’s foreign ministry for the second day of talks. He added that even if a deal on TikTok is not reached, it will not hurt the overall US-China relationship, which remains strong at the highest levels.
TikTok is owned by ByteDance, a China-based internet company. A federal law requiring TikTok to be sold to a non-Chinese company, or face a ban due to national security concerns, was set to take effect the day before US President Donald Trump’s inauguration on January 20. However, Trump, who heavily used social media during his 2024 campaign and has expressed liking TikTok, put the ban on hold.
In mid-June, Trump extended the deadline by 90 days, giving TikTok more time to find a buyer. That extension is set to expire on Wednesday.
Trump, who initially supported banning or selling TikTok, later changed his position. He now supports the platform, believing it helps him gain support among young voters, especially after the November elections.
The Madrid talks also address Trump’s threat of high tariffs on Chinese imports. Trade tensions earlier this year had escalated, with tariffs on both sides reaching triple digits and disrupting supply chains. Both governments later agreed to reduce tariffs to 30 percent on US goods and 10 percent on Chinese exports, but this temporary truce will end in November.
Experts say the latest US-China trade talks in Madrid are expected to produce small, gradual agreements rather than major breakthroughs. Many hope bigger results will come later, possibly during a future meeting between Donald Trump and Xi Jinping.
Also Read: US & China Kick Off Madrid Talks on Trade, TikTok Deadline – Key Takeaways
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