U.S. Treasury Scott Bessent and Chinese Vice Premier He Lifeng lead trade talks in Madrid as TikTok's U.S. future hangs in the balance. Image: The Economic Times.
(The Post News) – The US and China reached a “framework” on TikTok, said Treasury Secretary Scott Bessent on Monday in Madrid during trade talks aimed at soothing tensions between the two superpowers.
Bessent, in an interview with US Trade Representative Jamieson Greer, confirmed that the deal was between “two private parties” but would not comment further. President Donald Trump also confirmed the deal, indicating that TikTok’s future in the US had been protected. “A deal was made on a ‘certain’ company that young people in our country very much wanted to save,” he went on to say.
President Trump and Chinese President Xi Jinping are set to talk on Friday to finalize the deal that would put an end to years of pressure by the U.S. for TikTok’s parent company, ByteDance, to dispose of its American arm.
TikTok Takes Center Stage
The talks, held at Spain’s Palacio de Santa Cruz, were the fourth in four months. While previous sessions in Geneva, London, and Stockholm centered on tariffs and the export of rare-earth metals, TikTok took center stage in Madrid.
US officials have called for ByteDance to sell off TikTok by Sept. 17, threatening to ban the app in the US if there’s no agreement. With some 170 million US users, TikTok has been a cultural sensation and a lightning rod in Washington’s debates about data security and Chinese power. Bessent underscored that despite some advances, “We are not going to trade off national security for a social media app.”
The trade disputes, even as the framework agreement has been inked, remain unresolved. The U.S. has rolled over 55% tariffs on Chinese goods through November 10 and continues pressing G7 allies to impose tariffs on Russian oil purchasers. China’s Commerce Ministry denounced Washington’s position, accusing it of “abusing” export controls. The U.S., meanwhile, continues to insist coordinated economic pressure is required to stem Russia’s war revenues from oil exports.
Experts view the Madrid talks as leading towards a summit between Trump and Xi at the Seoul APEC forum next month. Specialists maintain that a final TikTok agreement, reduced tariffs for U.S. soybeans, and modifications to fentanyl trade restrictions could be in the offing.
China will not rush an agreement without deep concessions,” a former United States trade negotiator, Wendy Cutler, contended. “And the U.S. will not give unless there is progress on its security demands.” At least for now, the TikTok framework agreement is a symbol of uncommon cooperation, but whether it will deliver a lasting solution remains uncertain.
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