US and Chinese officials will hold a second day of trade talks in Spain as the deadline for TikTok's Chinese ownership resolution approaches. The negotiations, led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, are part of broader efforts to mend relations between the two economic powerhouses.
The two nations last engaged at a high level in July, resulting in a 90-day extension of the tariffs truce set to expire on November 10.
Amidst a backdrop of economic tension, former President Trump’s fluctuating stance on TikTok adds another layer of complexity to the discussions. Having previously called for a ban, Trump has since moderated his position, hinting at potential extensions to the deadline for TikTok’s acquisition.
As the Wednesday deadline nears, expectations are that it will likely be extended for the fourth time, allowing more time for negotiations regarding national security concerns tied to TikTok and its parent company, ByteDance.
Recently, Trump acknowledged the situation surrounding TikTok, stating, “We may let [TikTok] die. Or we may... it depends. Up to China, it doesn't matter too much.” This comes amid significant domestic usage, with TikTok boasting around 170 million users in the US.
During the continued trade discussions, a potential meeting between Trump and Chinese President Xi Jinping is on the horizon, likely to take place during an upcoming summit in South Korea. The outcome of these talks could posably reshape the dynamic of international trade, especially concerning tariff rates that have previously exceeded 100% on various goods.
