U.S. President says talks with Beijing have ‘gone very well’ and plans call with Xi Jinping this week
Donald Trump has indicated that a deal has been reached between Washington and Beijing regarding the future operations of the Chinese-owned social media platform TikTok in the US, and he mentioned that he would be speaking with President Xi Jinping later this week. Trump posted on his Truth Social network shortly before the conclusion of two days of US-China trade negotiations in Madrid on Monday, stating that the recent discussions had “gone very well.” In what appears to be a reference to TikTok, he remarked, “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.” Trump indicated that he would have a conversation with Xi on Friday, adding: “The relationship remains a very strong one!!!” Following the negotiations, Treasury Secretary Scott Bessent, who was leading the US delegation in Madrid, announced that the two nations had established a “framework” deal concerning TikTok, which is set to be approved by Trump and Xi on Friday. The Trump administration has consistently extended a congressionally mandated deadline for TikTok’s parent company, ByteDance, to divest its American operations of the video-sharing application or face a nationwide ban in the US. After three extensions since January, the most recent deadline is Wednesday. In remarks to reporters after the discussions in Madrid, Bessent stated that the TikTok framework would place the app under “US-controlled ownership.” However, he refrained from providing additional details, expressing a desire not to “get ahead” of the upcoming call between Trump and Xi on Friday.“We have a framework. They’ll have to confirm the deal,” Bessent said.
The trade negotiations taking place in Madrid — which follow three prior rounds in Geneva, London, and Stockholm — occurred as the US and China negotiated the terms of a potential meeting between Trump and Xi next month. The Financial Times reported on Saturday that China had officially invited Trump to Beijing for a summit, yet the White House had not provided a response. The uncertainty in Washington indicates a lack of advancement in discussions regarding broader trade matters and fentanyl, as well as an internal debate within the Trump administration concerning whether the president should meet Xi in Beijing. Individuals familiar with the discussions indicated that some officials were advocating for Trump to meet Xi on the sidelines of the Asia-Pacific Economic Cooperation forum scheduled for October 31 in South Korea. Resolving the TikTok issue will eliminate one obstacle that has complicated negotiations. However, the two parties have yet to reconcile their differences regarding US demands for China to reduce the export of fentanyl precursor chemicals before the US lowers tariffs associated with fentanyl. Jamieson Greer, the US trade representative who was also present in Madrid, mentioned that one additional deadline extension might be required to finalize the TikTok agreement, but he noted that no further rolling extensions would be granted. While Bessent was still in negotiations with the head of the Chinese delegation, Vice-Premier He Lifeng, China’s State Administration for Market Regulation announced that it had found US chipmaker Nvidia in violation of the country’s antitrust laws.
In a preliminary finding, SAMR indicated that Nvidia had not fully adhered to the stipulations set forth during its acquisition of Mellanox Technologies, an Israeli-US supplier of networking products, in 2020. Two individuals familiar with the situation reported that SAMR arrived at its conclusion several weeks ago but chose to release the statement on Monday to enhance China’s negotiating position in the Madrid discussions. When asked whether Nvidia was mentioned during the meeting, Bessent responded: “We discussed the poor timing of the Nvidia investigation on the day of these talks.,“We discussed the poor timing of the Nvidia investigation [on] the day of these talks.”
