US-China Trade Meet: starting a high level in Madrid; Rates and taps at the top of the table – The Times of India

The United States and China have launched trade discussions in Madrid on Sunday, with both parties that confirm the discussions about economic issues, as well as the continuous dispute about TIKTOK, according to AFP. The meeting brings the American Minister of Finance Scott Bessent and Chinese Vice Prime Minister He Lifeng together in a time when trade tensions between the two powers remain unsolved.“The Chinese and American delegations were convened here on Sunday for conversations about economic and trade issues,” reported the official Xinhua press agency of China from Madrid. The Spanish government also confirmed the discussions, which are held in the Palacio de Santa Cruz, the headquarters of the Spanish Ministry of Foreign Affairs.The Chinese delegation remains in Madrid until Wednesday, officials said.This year, trade relationships between Washington and Beijing are characterized by volatility, whereby both parties impose rates that reached triple figures on their peak, resulting in global supply chains. The two governments, however, agreed to de-escalate tensions, so that the rates were temporarily reduced to 30 percent on American exports to China and 10 percent on Chinese goods that enter the United States.In August the countries came in to postpone the recovery of higher tasks for another 90 days, so that the break on steeper rates held in place until November 10.In addition to trade, the TIKTOK dispute is also an important item on the agenda. The US has set up 17 September as the deadline for the social media platform to secure a non-Chinese buyer or to get a national ban. President Donald Trump has already expanded the deadline three times.The Chinese Ministry of Commerce last week insisted Washington to solve the problem through dialogue. “We call on the United States to work with China on the basis of mutual respect and equal consultation, to resolve each other’s concerns through dialogue and to find a solution to the problem,” said it in a statement.A federal law that requires TIKTOK was sold or prohibited on national grounds for security to come into effect on the day before Trump’s inauguration in January.According to AFP, the Madrid interviews mark the last attempt by the world’s two biggest economies to navigate in a loaded relationship that has restless world markets.