The United States is “very close” to reaching an agreement with China to resolve the TikTok dispute, U.S. Treasury Secretary Scott Besent said Monday during ongoing trade talks in Madrid.
Besent and Chinese Vice Premier He Lifeng began the latest round of negotiations in Madrid on Sunday. The talks aim to ease trade and technology tensions and improve relations between the two major economies. The meetings are expected to continue until Wednesday, which is also the deadline for TikTok to either secure a buyer or face a ban.
“We are very close to resolving the issue over TikTok,” Besent told reporters as he arrived at Spain’s foreign ministry for the second day of talks. “Even if we fail to reach an agreement, it will not affect the overall relationship between the two countries. Relations remain strong at a high level.”
TikTok is owned by the China-based internet company ByteDance. A federal law requiring the sale or ban of TikTok on national security grounds was set to take effect on January 20, one day before Donald Trump began his second presidential term. Social media was crucial to Trump’s 2024 election campaign, and although he expressed his personal fondness for TikTok, he blocked the ban.
In mid-June, Trump extended the deadline by 90 days, giving time to find a non-Chinese buyer or face a U.S. ban. That deadline expires this Wednesday. Trump, who had long supported splitting or banning TikTok, later reversed his stance and promised to defend the platform. The app, with nearly 2 billion users, is believed to have boosted youth support for him in the November election.
The Madrid talks also covered Trump’s threat to impose steep tariffs on Chinese imports. Earlier this year, trade tensions escalated, with retaliatory tariffs reaching triple digits and disrupting supply chains. Later, both governments agreed to roll back tariffs—30% on U.S. goods and 10% on Chinese exports—but the temporary truce is set to expire in November.
(Source: RSS/AFP)
