The United States and China are close to sealing a TikTok deal, Treasury Secretary Scott Bessent said Monday.
Negotiations resumed Sunday in Madrid, where Bessent met with Chinese Vice Premier He Lifeng to discuss trade and technology issues.
The talks continue through Wednesday, with both sides aiming to bridge economic gaps and ease tensions between the two largest global economies.
TikTok Deadline Approaches
TikTok has until Wednesday to find a buyer or face a US ban. Bessent said they are “very close” to a resolution that could keep the app running for American users.
He emphasized that even without a TikTok deal, relations between Washington and Beijing remain strong. TikTok’s parent company, ByteDance, is based in Beijing.
Law Behind the Sale
A US law mandates TikTok’s sale or ban over national security concerns. The rule was set to take effect before President Donald Trump’s January 20 inauguration.
Trump delayed the ban, citing the app’s popularity and its role in his 2024 campaign outreach. In June, he extended the deadline by 90 days. That extension ends Wednesday.
Trump once supported a sale or ban but has since changed course, believing TikTok helped him connect with young voters in November.
Trade Talks Go Beyond TikTok
The Madrid meetings also focus on tariffs and supply chain disruptions. Trump’s earlier tariff hikes strained trade, raising costs for businesses.
Both nations later agreed to lower tariffs — 30% on US exports and 10% on Chinese goods — as a temporary truce. That deal expires in November, and negotiators are pushing for a more permanent solution.
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