Media: US Treasury chief to hold talks with Chinese vice premier in Madrid Trade, TikTok on agenda

U.S. Treasury Secretary Scott Bessent is scheduled to meet Chinese Vice Premier He Lifeng and other senior officials next week in Madrid to continue discussions on trade, economic and national security issues, the Treasury announced on September 11.

The talks, which will also address the status of Chinese-owned social media platform TikTok and joint efforts to combat money laundering, form part of a September 12-18 trip to Spain and Britain, the Treasury said in a statement to Reuters.

During the trip, Bessent will meet with government counterparts in Madrid and London and later join President Donald Trump for his official state visit to Britain from September 17-19, during which he will meet King Charles.

The meeting with He Lifeng will mark the fourth major in-person discussion between the two senior economic officials this year, as Washington and Beijing aim to maintain a trade truce that reduced retaliatory tariffs on both sides and restored the supply of Chinese rare earth minerals to the U.S.

Following meetings in Geneva and London, the two sides largely agreed in late July in Stockholm to extend the tariff pause for another 90 days. Trump approved the extension on August 12, which is now due to expire on November 10.

The U.S. and China, the world’s two largest economies, have struggled to reach a broader trade agreement that could lower Trump’s remaining import tariffs on Chinese goods, currently around 55%, including tariffs imposed over fentanyl.

Agriculture remains a point of contention. Beijing has criticised “rampant” U.S. protectionism as a threat to American farmers, while Trump administration officials accuse China of failing to meet a 2020 agreement to increase purchases of U.S. farm products. Instead, China has reportedly shifted much of its demand to Brazil and Argentina, leaving U.S. soybean farmers largely excluded during their prime marketing season.

It remains uncertain whether the Madrid meeting will yield progress on tariffs or agricultural trade.

TikTok and money laundering on agenda

The Treasury confirmed that ByteDance’s short video app TikTok, which faces a potential U.S. ban unless it moves to American ownership, will also be discussed. Bessent previously noted that TikTok was not part of discussions during July meetings. Trump, who launched a TikTok account last month, has extended the divestment deadline for TikTok’s U.S. assets until September 17.

Officials also plan to discuss money laundering, which the Treasury said threatens both the U.S. and Chinese economies. Cooperation to combat illicit finance will be part of the Madrid agenda. The U.S. has pressed China to curb financial activities that could support Russia’s war in Ukraine. While the Treasury has the authority to sanction Chinese banks involved in such transactions—blocking them from dollar access—it has not yet taken that step.

By Aghakazim Guliyev