Trump and Xi to discuss trade negotiations during their meeting on Friday, involving TikTok.
In a significant development, former US President Donald Trump is set to speak with Chinese leader Xi Jinping on Friday, with the conversation expected to focus on the continued operation of TikTok in the United States and potential trade deals.
The discussion may provide insights into a possible meeting between the leaders to finalise a trade agreement and end their trade war. This comes after four rounds of trade talks between May and September, with another likely in the coming weeks.
TikTok, the popular social media platform, is required to allow continued operation in the US under a law passed last year addressing data privacy and national security concerns. The two sides have agreed on entrusting a partner with handling US user data and content security for TikTok.
However, no deals have been announced on tech export restrictions, Chinese purchases of US agricultural products, or fentanyl. The US has imposed additional 20% tariffs on Chinese goods linked to allegations that Beijing has failed to stem the flow to the US of chemicals used to make opioids.
The sides reached a framework deal on TikTok's ownership during the meeting. Representative Raja Krishnamoorthi, who has been pushing for TikTok's data and algorithm to be "truly in American hands" to comply with the law, is expected to closely monitor the progress.
Chinese officials have reached a consensus on authorization of the "use of intellectual property rights," including TikTok's proprietary algorithm. The conversation will also likely address the recent pause in purchases of US beans by China, the biggest foreign buyer, for this year's new crop.
Trump is expected to seek to make it appear that the US has the upper hand in trade negotiations. However, Xi is expected to underscore China's economic leverage and warn that continued progress in bilateral relations will hinge on an easing of US tariffs, sanctions, and export controls.
Trump has expressed that his relationship with China is "very good". Despite the ongoing trade tensions, US farm exports to China have fallen 53% from January through July compared to the same period last year, and US sorghum sales to China were down 97%.
The US-China trade meeting took place earlier this week in Madrid. The deadline for TikTok to be spun off from its Chinese parent company ByteDance has been extended several times by Trump.
Despite these challenges, both sides are hopeful for a positive outcome from the upcoming conversation between Trump and Xi Jinping. The resolution of the TikTok issue and progress on trade deals could mark a significant step forward in US-China relations.
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