U.S. Treasury: Meeting with Chinese side in Spain next week

【By Guan察者网, Yuan Jiaqi】

Based on the results of the July U.S.-China Stockholm economic and trade talks, both sides issued a joint statement saying that the U.S. has committed to suspending the 24% reciprocal tariff for another 90 days starting from August 12, and China has also committed to suspending the 24% additional tariffs on U.S. imports as well as related non-tariff countermeasures for the same period of 90 days.

Recently, the U.S. revealed that after the Stockholm talks, the U.S. and China will soon hold their fourth high-level economic and trade meeting. On September 11 local time, Reuters reported that U.S. Treasury Secretary Janet Yellen plans to meet with senior Chinese officials in Madrid, Spain next week to continue discussions on trade, economy, and national security issues.

According to the information, this meeting is part of Yellen's visit to Spain and the UK from September 12 to 18. From September 17 to 19, she will also accompany President Trump on an official state visit to the UK, meeting with King Charles.

On August 12, U.S. Treasury Secretary Yellen said in an interview that she would meet with the Chinese side again within a few months. Screenshot of video

According to a statement obtained by Reuters from the U.S. Treasury Department, this U.S.-China meeting will also involve the operation of the social media platform TikTok.

The short video application TikTok is facing a potential ban in the United States, with its parent company ByteDance being required to sell off TikTok's business and hold no more than 20% shares, otherwise it will be banned from operating in the U.S., known as the "no sale, no operation" bill.

After Trump returned to the White House, he has repeatedly delayed the date of implementing the TikTok ban, with the latest deadline set at September 17. On August 19 local time, the White House also launched an official TikTok account.

According to Yellen's recent disclosure, the issue of TikTok was not discussed during the July U.S.-China Stockholm economic and trade talks. Before this round of negotiations, U.S. Commerce Secretary Rainer had previously threatened to stop the operation of TikTok in the U.S. and claimed that the U.S. "must control" the algorithms that support TikTok's operations.

Regarding the TikTok issue, China has repeatedly clarified its principles. China will handle relevant issues according to its laws and regulations. The U.S. should provide an open, fair, just, and non-discriminatory business environment for Chinese companies operating in the U.S.

On July 25, Foreign Ministry spokesperson Guo Jiajun reiterated China's consistent position and stated, "Regarding the new round of meetings of the China-U.S. economic and trade consultation mechanism, China has already released relevant information."

The U.S. Treasury Department's statement also mentioned that due to money laundering activities posing a threat to the economies of both countries, the cooperation between the two sides in combating money laundering will also be included in the agenda of the Madrid meeting.

Reuters pointed out that the meeting in Spain will be the fourth important face-to-face meeting between U.S. and Chinese economic officials this year. Currently, both sides are striving to maintain the tariff "ceasefire" status. According to the consensus reached at the Stockholm talks, both sides will continue to push forward the suspended 24% reciprocal tariff imposed by the U.S. and the Chinese countermeasures, which will be extended for another 90 days as scheduled.

The report said it is unclear whether the Madrid meeting can make progress on agricultural or tariff reduction issues. Traders and analysts said that with the U.S. soybean sales season having passed halfway, American soybean farmers have basically missed the opportunity to sell to China, and South American exporters have already captured most of the market share.

According to the website of the Ministry of Commerce, on August 27 to 29 local time, Li Chenggang, the Minister of Commerce and Deputy Minister of the Ministry of Commerce, led a delegation to the United States to hold talks with officials from the U.S. Treasury Department, the Department of Commerce, and the Office of the U.S. Trade Representative. Both sides exchanged views on implementing the consensus from the call between the leaders of the two countries, and discussed issues such as the China-U.S. economic and trade relationship and the implementation of the China-U.S. economic and trade talks consensus.

Li Chenggang emphasized that the two sides should adhere to the principles of mutual respect, peaceful coexistence, and win-win cooperation, continue to play the role of the China-U.S. economic and trade consultation mechanism, manage differences and expand cooperation through equal dialogue and consultation, and jointly promote the healthy, stable, and sustainable development of China-U.S. economic and trade relations.

During the visit to the U.S., Li Chenggang also held talks with representatives of the U.S.-China Business Council, the U.S. Chamber of Commerce, and related U.S. enterprises.

On September 9, Li Chenggang chaired a roundtable meeting with foreign trade enterprises. Representatives of 12 foreign trade enterprises and six import and export associations, as well as experts from Shanghai University of Finance and Economics, attended the meeting, exchanging views on the current international economic and trade situation and supporting the development of foreign trade enterprises.

Li Chenggang stated that the Party Central Committee attaches great importance to foreign trade work. This year, facing the complex and severe external situation, China's foreign trade has withstood pressure and generally achieved steady progress. In the past few months, under the guidance of the important consensus between the leaders of the two countries, the economic and trade teams of the two countries have held economic and trade talks in Geneva, London, and Stockholm, reached positive consensus, and promptly implemented the relevant achievements, stabilizing the economic and trade relations between the two countries.

Li Chenggang stated that in the next step, the Ministry of Commerce will work with relevant parties to effectively implement the policies to stabilize foreign trade, solve the difficulties and problems faced by foreign trade enterprises, strive to create a good external environment for enterprises to expand international markets, cultivate new momentum for foreign trade development, and spare no effort to stabilize the basic situation of foreign trade.

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