By Martin Shwenk Leade

Copyright indiatimes

ANIDonald Trump

US President Donald Trump on Monday announced that he will speak to China’s President Xi Jinping on Friday, adding that the big trade meeting in Europe between the United States and China went ‘VERY WELL’.”The big Trade Meeting in Europe between the United States of America, and China, has gone VERY WELL! It will be concluding shortly,” Trump said in a Truth Social post.”I will be speaking to President Xi on Friday. The relationship remains a very strong one!!!,” he added.He hinted that a deal has been reached to resolve issues the U.S. has over TikTok ownership saying, “A deal was also reached on a “certain” company that young people in our Country very much wanted to save. They will be very happy!”US-China reach ‘framework’ on TikTok dealAfter the two countries held trade talks on Monday, US Treasury Secretary Scott Bessent said that the two countries have reached a “framework” for a deal to settle their dispute over TikTokLive Events”We have a framework for a TikTok deal,” he told reporters, adding that US President Donald Trump and China’s Xi Jinping will speak on Friday to “complete” the agreement.China and US met in Madrid to discuss trade, TikTokChina and United States met in Madrid on Sunday, where US Treasury Secretary Scott Bessent and senior Chinese officials, including Vice Premier He Lifeng, were set to discuss economic and trade issues, as well as TikTok, as confirmed by both countries.”The Chinese and US delegations convened here on Sunday for talks on economic and trade issues,” the official Xinhua news agency said in a recent report from the Spanish capital.According to Chinese officials, the country’s delegation will be in Madrid until Wednesday.Both the countries have been facing escalating trade tensions since the beginning of the year as they slapped heavy tariffs on each other. Both the countries decided to reach an agreement to de-escalate tensions, temporarily lowering tariffs to 30% on the United States’ side and 10% on China’s part.During the meeting in Madrid, top leaders from both countries will also discuss their TikTok dispute. On Friday, China urged the US to address their dispute concerning the popular social media platform through dialogue.After Trump extended the TikTok ban for the third time, the deadline for the popular app to find a non-Chinese buyer or be banned in the United States is September 17.A day before Trump’s January inauguration, a federal law requiring TikTok’s sale or ban on national security grounds was due to take effect.Beijing’s commerce ministry on Friday called on Washington 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 problem”, according to a statement reported by AFP.The trade talks between China and US resumed on Monday in Madrid at Spain’s foreign ministry. As the two delegations led by Bessent and Lifeng opened the latest round of discussions on Sunday, the meetings are expected to continue through Wednesday.The meetings are talk of the town as the agenda includes two of the thorniest issues in the bilateral relationship: Trump’s threat of steep tariffs on Chinese imports and Washington’s demand that TikTok be sold to a non-Chinese owner or face a US ban by September 17.Over the weekend, China launched investigations into the US semiconductor sector, signalling frictions remain high despite the Madrid talks, AFP reported.Add as a Reliable and Trusted News Source Add Now!
The Madrid meetings between the two giants could lay groundwork for a possible summit between Trump and Chinese leader Xi Jinping later this year. Until then, negotiators face the challenge of stabilising an uneasy truce while addressing disputes over technology access, tariffs and rare earth exports.(You can now subscribe to our Economic Times WhatsApp channel)

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