The US and China are “very close” to resolving the TikTok issue, US Treasury Secretary Scott Bessent told reporters on Monday as trade talks resumed in Madrid.
“In terms of the TikTok deal itself, we are very close to resolving the issue,” Bessent said.
He said the Chinese side had made an “aggressive request” in the talks but did not specify what it was about.
U.S. and Chinese officials led by Vice Premier He Lifen wrapped up the first day of talks in Madrid on Sunday on strained trade ties and the looming TikTok sale deadline amid Washington’s demands that its allies impose tariffs on imports from China through the purchase of Russian oil.
Bloomberg writes, citing a senior Finance Ministry official, that the first day of Madrid talks on Sunday lasted nearly six hours, covering topics such as TikTok, trade and the economy. Popular app ByteDance Ltd. is expected to reach an agreement this week that will ensure it continues to operate in the U.S.
Reuters previously reported that the Trump administration is expected to extend the sale of TikTok again.
In the spring of 2024, the US House of Representatives approved legislation that allows the social network TikTok to be banned from the country unless it is spun off from Chinese company ByteDance, which owns it. Congressmen believed TikTok posed a threat to national security because the Chinese government could force ByteDance to hand over US users’ data to it. In April 2024, US President Joe Biden signed the document, and in January 2025, days before Trump’s inauguration, the US Supreme Court upheld the law.
After the inauguration on 20 January, Trump issued an executive order directing the US attorney general to delay the law’s entry into force. After that, he again delayed the ban of social network TikTok. Trump said that TikTok would be able to continue operating in the US if 50 per cent of its shares were transferred to US companies.