Why a timely US-China trade deal could hinge on next week’s Madrid meetings
Face-to-face talks between Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent could be a precursor to a summit between presidents Trump and Xi
With the fragile US-China trade truce nearing its November expiry date after two 90-day extensions, next week’s talks in Madrid could be decisive – not only in determining the likelihood of a summit between presidents Xi Jinping and Donald Trump, but also whether the two sides can agree to a lasting settlement rather than another shaky detente, according to analysts.
A fourth round of major trade talks between Beijing and Washington is set to unfold next week in the Spanish capital, with US Treasury Secretary Scott Bessent due to meet Chinese Vice-Premier He Lifeng and other senior officials, Bessent’s office confirmed in a statement on Thursday.
Representatives from both countries will “discuss 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 Treasury said.
The talks will run for four days, starting on Sunday, according to China’s Commerce Ministry.
“The two sides will discuss economic and trade issues such as the US’ unilateral tariff measures, the abuse of export controls, and TikTok,” the ministry said in response to media queries.
Stephen Olson, a former US trade negotiator who is now a visiting senior fellow at Singapore’s ISEAS – Yusof Ishak Institute, said: “If the US and China would like to accomplish something beyond just another extension by [November 10], the pace, tempo and depth of discussions will have to intensify.”