The U.S. and China are “very close” to a deal which would settle their dispute over the social media platform TikTok, according to U.S. Treasury Secretary Scott Bessent on Monday, September 15th—as the two sides resumed trade talks in Madrid.
Bessent and Chinese Vice Premier He Lifeng opened the latest round of discussions in Madrid on Sunday, seeking to narrow differences on trade and technology that have strained relations between the world’s two largest economies.
The meetings are expected to continue through Wednesday–the deadline for TikTok to find a buyer or face a ban.
“On the TikTok deal itself, we’re very close to resolving the issue,” Bessent told reporters, adding
If we don’t reach an agreement on TikTok, it doesn’t affect the overall relationship between the two countries. It’s still very good at the highest levels.
The talks in Madrid also cover Trump’s threat of steep tariffs on Chinese imports. Trade tensions escalated sharply earlier this year, with tit–for–tat tariffs reaching triple digits and snarling supply chains. Both governments later agreed to roll back duties to 30% on U.S. goods and 10% on Chinese exports, but the temporary truce expires in November.
