U.S., China on Verge of Reaching TikTok Deal

(MENAFN) China and the United States are reportedly “very close” to reaching an agreement on the social media app TikTok, US Treasury Secretary Scott Bessent announced Monday as the two countries restarted the fourth round of critical trade negotiations in Madrid.

“We made very good progress on the technical details of the (tariffs) agreement,” Bessent said following talks that resumed Sunday, underscoring cautious optimism.

“In terms of the overall agreement itself, our Chinese counterparts have come with very aggressive ask, we will see if we can get there,” he added, highlighting ongoing challenges.

The discussions are being led by Chinese Vice-Premier He Lifeng and Bessent, with a tariff truce on Chinese imports extended through November. The negotiations are scheduled to continue over four days until Wednesday.

The US Treasury Department confirmed that the talks will cover "key national security, economic, and trade issues of mutual interest, including TikTok and cooperating on money laundering networks that threaten both the United States and China."

TikTok currently faces a potential nationwide ban in the US due to national security concerns.

“At present, we are not willing to sacrifice our national security for a social media app,” Bessent emphasized.

Regarding the TikTok negotiations, he said: “On TikTok deal itself, we are very close or we have resolved the issue,” but cautioned, “There are range of other asks that are unresolved.”

Despite tensions, Bessent stressed that the TikTok dispute does not define the broader bilateral relationship. “It is important… if we don’t reach an agreement on TikTok, it doesn’t reflect the overall relationship between the two countries. It is still very good at the highest level.”

At the same time, China’s Commerce Ministry criticized the recent US-driven economic sanctions justified by alleged Russia-related concerns.

The ministry reacted to calls from the US for G7 and NATO countries to impose tariffs of 50% to 100% on Chinese imports linked to Russian oil purchases.

Labeling these demands a "classic example of unilateral bullying and economic coercion," the ministry warned, "if any party undermines China's interests, China will take all necessary measures to safeguard its legitimate rights and interests."

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