Bessent confirmed the progress during the second day of trade discussions in Madrid aimed at resolving ongoing tensions between the two economic superpowers.
“It’s still very good at the highest levels,” Bessent told reporters alongside US Trade Representative Jamieson Greer.
Discussions are taking place at the baroque Palacio de Santa Cruz which houses Spain’s foreign ministry.
Bessent acknowledged that both sides had made good progress on technical details during the discussions.
“Our Chinese counterparts have come with a very aggressive ask,” he added.
A US government official confirmed that talks had centered on TikTok alongside broader tariff and economic matters.
Greer explained that the TikTok issue could hinge on reaching parallel agreements regarding other trade measures.
He clarified that the United States could not simply eliminate every trade measure it had implemented over recent years.
These tensions prompted former President Donald Trump to raise tariffs on Chinese imports significantly.
The delegations last met in Stockholm during July where they agreed to extend a trade truce for 90 days.
Experts maintained low expectations for any significant breakthrough emerging from the Madrid discussions.
ByteDance faces a September 17 deadline to divest US operations or risk a complete shutdown.
“I’m not expecting anything substantive between the United States and China unless there is a one-on-one meeting between Trump and Xi,” Reinsch said.
Trump has repeatedly expressed interest in meeting with Chinese President Xi Jinping recently.
China’s embassy in Madrid notified reporters about a potential concluding news conference on Monday afternoon.
Bessent is scheduled to travel to London on Tuesday to meet British Finance Minister Rachel Reeves.
That meeting will precede former President Trump’s state visit with King Charles beginning on Wednesday. – Reuters
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