FX.co ★ US, China Conclude First Day of Trade Talks in Madrid

U.S. and Chinese officials concluded their first day of discussions in Madrid on Sunday, focusing on ongoing trade tensions, the impending deadline for divestiture concerning the Chinese short-video platform TikTok, and the United States’ initiative to rally its allies to impose tariffs on Chinese goods due to Beijing's procurement of Russian oil, as reported by Reuters. U.S. Treasury Secretary Scott Bessent commented to reporters upon exiting the government palace, indicating, "We’ll resume discussions in the morning." The talks brought together delegations led by Bessent and U.S. Trade Representative Jamieson Greer, with Chinese Vice Premier He Lifeng and chief trade negotiator Li Chenggang. Held at the Palacio de Santa Cruz, a baroque edifice serving as Spain’s foreign ministry, the meeting extended for approximately six hours. This meeting represents the fourth such engagement in recent months across various European cities, as both nations endeavor to prevent further deterioration of the U.S.-China trade relationship, which has been strained by the tariffs introduced during President Donald Trump's administration.