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U.S. Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent will meet Chinese Vice Premier He Lifeng and top trade negotiator Li Chenggang in Madrid on Sunday for high-level discussions on trade and economic issues. The talks come as TikTok faces a Wednesday deadline to divest its U.S. assets, raising national security concerns.
The meeting follows July negotiations in Stockholm, where both sides agreed to extend a 90-day trade truce that eased tariffs and reopened rare-earth mineral exports from China to the U.S. President Donald Trump has since approved extending the current 55% tariffs on Chinese goods until November 10.
Washington has signaled that the Madrid talks will address tariffs, export controls, money laundering, and the TikTok dispute. China’s Ministry of Commerce confirmed that trade restrictions and U.S. semiconductor policies will also be key issues. On Saturday, Beijing launched investigations into U.S. semiconductor trade practices, accusing Washington of discriminatory policies and dumping chips into the Chinese market.
Ahead of the talks, Bessent called on G7 allies to adopt “meaningful tariffs” on Chinese and Indian imports, targeting their purchases of Russian oil. The U.S. has already imposed an additional 25% tariff on Indian goods but has held back on imposing similar measures against Chinese imports. The move is part of broader U.S. and G7 efforts to restrict Moscow’s oil revenues and pressure Russia toward Ukraine peace talks.
Bessent and Greer emphasized in a joint statement that cutting off Russia’s war funding requires unified global action. The G7 finance ministers confirmed discussions on using frozen Russian assets to further support Ukraine’s defense.
The Madrid negotiations highlight rising tensions over tariffs, technology, and geopolitical alliances, with outcomes likely to influence global markets and the future of U.S.-China trade relations.
