KEY POINTS
- Trump says he will speak with Xi Jinping on Friday after US-China trade talks in Madrid.
- US Treasury Secretary says the two sides are close to a TikTok deal, but concessions may be required.
- Beijing says cooperation between China and Russia was “legitimate, legal and impeccable”.
- Madrid talks also prepared ground for a possible Trump-Xi meeting in October in South Korea.
WASHINGTON: US President Donald Trump said on Monday he will speak with Chinese President Xi Jinping on Friday, following fresh trade talks between the world’s two largest economies that he suggested may have produced a deal on the future of TikTok.
In a post on social media on Monday, Trump wrote: “I will be speaking to President Xi on Friday. The relationship remains a very strong one!!!” His remarks came a day after US and Chinese officials met in Madrid for two days of talks aimed at easing trade tensions and resolving disputes over technology and tariffs.
US Treasury Secretary Scott Bessent, who led the American delegation alongside Chinese Vice Premier He Lifeng, told reporters that the two sides were “close to reaching an agreement” on TikTok, the popular video-sharing app owned by China’s ByteDance Ltd. However, he said that any deal could depend on Beijing’s demands for trade concessions.
The deadline for TikTok to secure a buyer for its US operations or face a potential ban is set to expire on Wednesday, though expectations are growing that Washington will extend the deadline for a fourth time.
Trump has already delayed the ban three times. While he initially called for the app to be banned during his first term, he has since softened his stance, dismissing concerns over national security and privacy as “highly overrated”.
TikTok has around 170 million users in the United States, according to company data, and has grown increasingly popular since the White House itself launched an official account on the platform in August.
Earlier, the Financial Times reported that prospects for a Trump-Xi summit in Beijing are overshadowed by disputes over customs tariffs and the flow of fentanyl, a synthetic opioid at the centre of US-China tensions.
China’s cooperation with Russia has also complicated relations. Responding to reports that Washington had urged G7 and NATO members to impose further tariffs on Beijing for its purchase of Russian oil, Chinese Foreign Ministry spokesman Lin Jian said on Monday that cooperation between China and Russia was “legitimate, legal and impeccable”.
Meanwhile, China’s State Administration for Market Regulation announced that US chipmaker Nvidia had violated Chinese anti-monopoly laws and confirmed it was continuing its investigation.
The move comes amid a broader battle over semiconductors, with Washington restricting exports of advanced chips to Chinese firms.
Trade negotiations between the US and China have been ongoing for months. In July, the two sides agreed to extend a truce on tariffs for 90 days until 10 November, temporarily easing import taxes that had exceeded 100 percent on some goods.
The White House said the extension would give both countries more time to address “unfair trade practices” and national security concerns.
The trade talks in Madrid were also expected to prepare the ground for a potential meeting between Trump and Xi in October, when both leaders are scheduled to attend a summit in South Korea.
Speaking to reporters on Sunday, Trump struck a characteristically ambiguous note about TikTok’s future. “We may let it die. Or we may… I don’t know. It depends. Up to China, it doesn’t matter too much,” he said.
