Madrid Talks: Trade Truce, TikTok, and Economic Security

U.S. Treasury Secretary Scott Bessent is scheduled to meet Chinese Vice Premier He Lifeng in Madrid next week to discuss trade, economic, and national security topics, according to the Treasury. These talks will also address TikTok's status and collaborative efforts to fight money laundering.

Bessent's visit is part of a September tour that includes stops in Spain and Britain, where he will accompany President Donald Trump during his state visit with King Charles. The Madrid meeting marks the fourth major face-to-face discussion between Bessent and He in 2023, focused on maintaining a trade truce and restoring the flow of Chinese exports like rare earth minerals to the U.S.

Despite some progress, major challenges persist, such as unresolved agricultural trade disputes and imposing tariffs. Adding to the agenda is the threatened ban on TikTok unless it shifts to U.S. ownership before a September 17 deadline, extending U.S.-China economic tensions.

(With inputs from agencies.)