Economy·Tariffs and tradeNew round of China trade talks to cover tariffs and TikTok’s fate after Beijing launches bes on U.S.
chip sectorBy AFPBy AFP Treasury Secretary Scott Bessent in Madrid ahead of trade talks with Chinese Vice Premier He Lifeng on Sunday.Thomas Coex—AFP via Getty ImagesChina and the United States kicked off the round of trade talks on Sunday in Madrid, where they are set to thrash out their TikTok dispute and President Donald Trump’s mised hefty tariffs.
The Chinese delegation is in the Spanish capital until Wednesday and senior officials, including Vice Premier He Lifeng, will meet with the US delegation led by Treasury Secretary Scott Bessent.
The Spanish government said Sunday’s talks got under way at the Palacio de Santa Cruz, the headquarters of the Ministry of Foreign Affairs.
Trade tensions between Beijing and Washington have been on a rollercoaster ride in 2025, with both sides slapping escalating tariffs on each other.
Tit-for-tat US-China tariffs reached triple digits on both sides at one point this year, snarling supply chains.
Washington and Beijing have since reached an agreement to de-escalate tensions, temporarily lowering tariffs to 30 percent on the United States’ side and 10 percent on China’s part.
In August, they delayed the threatened reimposition of higher tariffs on each other’s exports for another 90 days — meaning the pause on steeper duties will be in place until November 10.
“The Chinese and US delegations convened here on Sunday for talks on economic and trade issues,” China’s official Xinhua news agency said in a report from the Spanish capital.
Top leaders from both countries will also discuss their dispute over the TikTok social media platform during the meetings in Madrid.
China urged the United States on Friday to address their dispute through dialogue.
The deadline for the app to find a non-Chinese buyer or be banned in the United States is September 17, after Trump ext it for the third time.
A federal law requiring TikTok’s sale or ban on national security grounds was due to take effect the day before Trump’s January inauguration.
Beijing’s commerce ministry called on Washington on Friday to “work with China on the basis of mutual respect and equal consultations, to resolve each other’s concerns through dialogue and find a solution to the blem”, according to a statement.
Shaky truce China launched two investigations into the US semiconductor sector on Saturday.
Beijing opened an anti-dumping be into some IC chips originating from the US, its commerce ministry said in a statement.
The ministry also said in a separate statement it will launch an investigation into whether the United States had discriminated against the Chinese chip sector.
Senior Chinese trade negotiator Li Chenggang urged “equal dialogue and consultation” between China and the United States after a three-day visit to Washington in August.
The US-China trade truce has been an uneasy one, with Washington accusing Beijing of violating their agreement and slow-walking export license apvals for rare earths.
China is the world’s leading ducer of rare earths, used to make magnets essential to the automotive, electronics and defence industries.
Top diplomats and defence chiefs from both nations held back-to-back discussions on Wednesday, which analysts said could mark a step towards a meeting between Trump and Chinese leader Xi Jinping.
Trump said in August he expects to visit China this year or shortly afterwards, noting that economic ties between the two countries have imved. Fortune Global Forum returns Oct. 26–27, 2025 in Riyadh.
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