US Close to Resolving TikTok Issue With China, Bessent Says

(Bloomberg) — The US and China are “very close” to resolving the TikTok issue, US Treasury Secretary Scott Bessent told reporters on Monday as trade discussions resumed in Madrid.

The American official touted progress in the negotiation before he and US Trade Representative Jamieson Greer began a second day of dialog with their Chinese counterparts in the Spanish capital.

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“I think on the TikTok deal itself, we are very close or we’ve resolved the issue. There are a range of other asks that are unresolved,” Bessent said.

He stated that the Chinese side, led by Vice Premier He Lifeng, made an “aggressive ask” in talks, without saying what that was about.

Greer said the two sides have had general discussions about trade imbalances, although they have not “found a path forward on that.”

The latest round of negotiations came as the world’s two largest economies ramp up engagements before a potential meeting between Donald Trump and Xi Jinping as soon as next month, when the leaders are scheduled to attend a summit in South Korea.

The countries’ foreign ministers and defense ministers held calls last week, smoothing the path for a possible summit.

The first day of the Madrid talks lasted for almost six hours on Sunday, according to a senior Treasury official, spanning topics including TikTok, trade and the economy. ByteDance Ltd.’s popular app is facing a deadline this week to reach a deal to ensure it continues operations in the US. Reuters earlier reported that the Trump administration is expected to again extend the deadline for TikTok divestiture.

–With assistance from Josh Xiao.

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