Treasury Secretary Scott Bessent will meet Chinese Vice Premier He Lifeng and senior officials in Madrid next week, marking their fourth round of in-person talks this year amid unresolved disputes over tariffs, agriculture and the looming TikTok deadline.
High-Stakes Talks In Spain
The Treasury stated that the Sept. 12–18 trip, which also includes meetings in London, aims to advance discussions on trade, economic and national security issues, reported Reuters on Thursday.
Bessent will later join President Donald Trump for his Sept. 17–19 state visit with Britain's King Charles.
The Madrid meeting continues efforts to uphold a fragile trade truce that paused retaliatory tariffs and reopened flows of Chinese rare earth minerals.
After talks in Geneva, London and Stockholm, both sides agreed in July to extend the tariff pause another 90 days, with Trump approving it through Nov. 10.
TikTok's Fate On The Agenda
TikTok will also be discussed, the Treasury confirmed. The ByteDance-owned app faces a U.S. divestment deadline or potential ban.
Trump, who last month launched his own TikTok account, extended the deadline until Sept. 17. Bessent previously said the app was not addressed in July meetings, making Madrid a pivotal moment.
The meetings come as ByteDance reportedly prepares a $330 billion employee share buyback program after reporting $48 billion in second-quarter revenue, surpassing Meta Platforms, Inc.'s (NASDAQ:META) as the top global social media firm by sales.
China's Exports To US Plunge 33%, El-Erian Flags Urgent Risks
Previously, economist Mohamed El-Erian warned that Xi Jinping's growth model faces mounting pressure after data showed a steep drop in U.S.-China trade.
His comments came after it was reported that Chinese exports to the U.S. plunged 33% in August, as per CNBC, pulling overall export growth down to 4.4% — a six-month low and below forecasts.
Imports from the U.S. also fell 16%, leaving total import growth at just 1.3%.
El-Erian said the figures, which point to U.S. tariffs taking effect, underscore the urgent need for Beijing to accelerate reforms to sustain its economy.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
