United States and China approaching a TikTok agreement
The latest round of US-China negotiations, held in Madrid, saw Chinese Vice Premier He Lifeng and US Secretary of the Treasury Scott Bessent leading their respective delegations. The discussions, which are part of a wider US-China trade dialogue, focused on the divestiture of TikTok from its Chinese owner, ByteDance Ltd.
Bessent revealed that both sides have made good progress on technical details regarding TikTok. However, the extension of the divestment deadline is contingent upon the progress of this week's talks, according to Bessent.
China's chief negotiator in the TikTok negotiations is Li Chenggang, China's top trade negotiator. Chinese Ministry of Foreign Affairs spokesman Lin Jian stated that China has no new information to provide regarding TikTok.
Chinese officials reiterated their previous stance on TikTok at a news conference in Beijing, with Lin Jian stating that TikTok-related issues are interconnected with other matters like tariffs and measures taken over the years.
Meanwhile, Greer, a US official, mentioned that Washington is not in a position to eliminate all measures taken to resolve issues. The US is demanding that its allies place tariffs on imports from China over its purchases of Russian oil.
The negotiations are taking place in the Palacio de Santa Cruz, home to Spain's foreign ministry. China's embassy in Madrid notified reporters of a potential concluding news conference in the afternoon, suggesting the talks could wrap up soon.
Bessent is also scheduled to meet British Chancellor of the Exchequer Rachel Reeves in London today, preceding US President Donald Trump's state visit to the UK, which begins tomorrow. The meeting is expected to discuss the US-UK economic relationship.
The most likely result of the Madrid talks is seen as another extension of a deadline for TikTok owner ByteDance to divest its US operations by Sept. 17 or face a US shutdown. A potential failure to reach a deal over Chinese divestment from TikTok would not affect relations at the highest levels, according to Bessent.
The negotiations for TikTok are part of a broader US-China trade dispute, with both countries seeking to resolve their differences and improve their economic relationship. The outcome of these negotiations could have significant implications for the future of TikTok and the broader US-China economic relationship.
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