US Treasury Secretary Scott Bessent has stated that the United States and China are “very close” to or have resolved the issue surrounding the popular short video application TikTok. This announcement came as trade discussions between the two countries recommenced in Madrid. According to Bessent, any finalized agreement on Chinese divestment from TikTok is not expected to influence overall US-China relations, as reported by Reuters.
While expressing progress on TikTok, Bessent also indicated that a range of other trade-related issues between the nations remain unresolved. Bessent and US Trade Representative Jamieson Greer are engaged in dialogue with their Chinese counterparts in the Spanish capital to address trade imbalances. Additionally, Bloomberg reported that the countries’ foreign ministers and defense ministers conducted calls last week, aiming to facilitate a potential summit. TikTok, owned by ByteDance Ltd., is reportedly facing a deadline this week concerning a deal to maintain its operations in the US, with Reuters previously reporting an expected extension of the divestiture deadline by the Trump administration.
Source: www.livemint.com