"Trade tensions between Beijing and Washington have been on a rollercoaster ride in 2025, with both sides slapping escalating tariffs on each other. Tit-for-tat US-China tariffs reached triple digits on both sides at one point this year, snarling supply chains. Washington and Beijing have since reached an agreement to de-escalate tensions, temporarily lowering tariffs to 30 percent on the United States' side and 10 percent on China's part."
"Top leaders from both countries will also discuss their dispute over the TikTok social media platform during the meetings in Madrid. China urged the United States on Friday to address their dispute through dialogue. The deadline for the popular app to find a non-Chinese buyer or be banned in the United States is September 17, after Trump extended it for the third time."
China and the United States began a new round of trade talks in Madrid, with delegations meeting at the Palacio de Santa Cruz until Wednesday. Senior officials, including Vice Premier He Lifeng and US Treasury Secretary Scott Bessent, are leading their respective teams. Talks will address escalating tariff measures and a dispute over TikTok, with top leaders to discuss the popular app's fate. Tariff tensions peaked at triple digits before both sides agreed to de-escalate, temporarily lowering US duties to 30% and Chinese duties to 10%, and pausing higher tariffs until November 10. The TikTok sale-or-ban deadline is September 17.
Read at Fortune
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