Madrid: The US and China have initiated a fresh round of trade discussions in Madrid, as the US urges its European allies to impose tariffs on China due to its procurement of Russian oil. Leading the discussions are Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent, with an extension of the tariff truce on Chinese imports until November. The negotiations, hosted at the Spanish Foreign Ministry, will span four days, concluding on Wednesday.

According to TRTworld.com, the discussions are set to address “key national security, economic, and trade issues of mutual interest, including TikTok and cooperating on money laundering networks that threaten both the United States and China.” The US has been considering a nationwide ban on TikTok, citing national security concerns. This follows bipartisan legislation passed by the US Congress in 2024, which mandates ByteDance, TikTok’s Chinese parent company, to divest its US operations or face a ban due to potential data sharing with Beijing. In June, US President Donald Trump postponed the TikTok enforcement deadline until September 17, marking his third delay.

The ongoing tariff war has seen the Chinese Commerce Ministry emphasize the need for dialogue based on mutual respect, urging the US to create a fair and non-discriminatory business environment for Chinese companies. Despite a 90-day extension of the tariff suspension, a 10 percent reciprocal tariff remains in place. The trade conflict, initiated by Trump, has previously unsettled markets before mutual agreements led to a rollback of tariffs. Trump has secured trade deals with several nations, including the UK, South Korea, Japan, and the EU, and continues discussions with others.

The current negotiations between Beijing and Washington are buoyed by prospects of a meeting between Chinese and US leaders next month at the Asia-Pacific Economic Cooperation summit in South Korea.