High-Stakes Diplomatic Talks: US and China Address Tariffs and TikTok Ownership

US Treasury Secretary Scott Bessent is set to visit Madrid this weekend for crucial negotiations with his Chinese counterparts, focusing on tariffs and national security issues surrounding TikTok's ownership. Chinese Vice Premier He Lifeng will join Bessent in discussions, as announced in a Treasury news release.

This Madrid meeting marks the fourth negotiation round between the US and China, following previous talks in London, Geneva, and Stockholm. The ongoing dialogues aim to prevent an extensive trade war, with both nations agreeing to several 90-day tariff suspensions. Bessent emphasized the importance of reducing risks in strategic industries like rare earths and semiconductors.

Simultaneously, discussions will continue on TikTok's ownership. Although Congress has approved a ban on TikTok unless ownership is transferred from ByteDance, President Trump has repeatedly extended the sale deadline. A Pew Research Centre survey indicates fluctuating public opinions on the ban, with a significant decrease in support since March 2023.

(With inputs from agencies.)