\n<\/p>\n
The United States and China are set to hold a second day of trade talks in Spain amid efforts to de-escalate tensions between the world\u2019s two largest economies.<\/p>\n
US and Chinese officials will meet at the Santa Cruz Palace in Madrid on Monday in their latest bid to reach a comprehensive trade deal after months of tit-for-tat trade salvoes between the sides.<\/p>\n
list of 4 items<\/span>end of list<\/span><\/p>\n Officials, led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, held about six hours of talks on Sunday.<\/p>\n The talks, which are scheduled to run until Wednesday, come as relations between Washington and Beijing continue to be roiled by differences on trade, including China\u2019s purchase of Russian oil.<\/p>\n President Donald Trump\u2019s administration has been pushing US allies to impose steep tariffs on China and India over their purchases of Russian oil in a bid to pressure Russia to end its war in Ukraine.<\/p>\n In a social media post over the weekend, Trump said NATO countries should impose tariffs of up to 100 percent on Chinese goods until the war is brought to an end.<\/p>\n \u201cChina has a strong control, and even grip, over Russia, and these powerful Tariffs will break that grip,\u201d Trump said on his Truth Social platform.<\/p>\n Trump has already raised the tariff rate on Indian goods to 50 percent to push New Delhi away from Moscow, but he has so far not targeted China over its oil purchases.<\/p>\n Chinese Foreign Minister Wang Yi on Saturday appeared to hit out at Washington\u2019s efforts to punish countries buying Russian oil, saying sanctions would only \u201ccomplicate\u201d the situation in Ukraine.<\/p>\n Wang\u2019s comments came as China\u2019s Ministry of Commerce launched two new investigations of the US chip sector, a day after the US Department of Commerce added 23 more Chinese entities to its restricted trade list.<\/p>\n The talks in Spain also come in advance of a Wednesday deadline for Chinese company ByteDance to divest from TikTok or face a ban on the video-sharing app in the US.<\/p>\n Trump has on three occasions delayed the enforcement of the ban, which was included in legislation passed by the US Congress last year with overwhelming bipartisan support.<\/p>\n US and Chinese officials last met in July in Stockholm, Sweden, following talks in London and Geneva, Switzerland, in May and June, respectively.<\/p>\n At their most recent meeting, the sides agreed to extend an earlier pause on tariffs of up to 145 percent for another 90 days.<\/p>\n Under the truce, the US has been charging a 30 percent duty on Chinese goods, while US goods are subject to a 10 percent levy.<\/p>\n Heiwai Tang, director of the Asia Global Institute in Hong Kong, said neither Washington nor Beijing currently have much incentive to fully back down from the trade war.<\/p>\n \u201cChina has rare earth and the manufacturing capacity that the US needs, while the US has the market that China can\u2019t easily replace with another one. So both have some bargaining power against each other,\u201d Tang told Al Jazeera.<\/p>\n Tang said he expects Trump to lower tariffs at some point as rising prices became more of an issue in the US.<\/p>\n \u201cThe question is when,\u201d he said.<\/p>\n \u201cEconomists are not good at predicting the exact timing of events. If you ask me, it will be very likely that both sides will lower tariffs on each other in less than a year\u2019s time.\u201d<\/p>\n Deborah Elms, head of trade policy at the Hinrich Foundation in Singapore, said she has modest expectations for the talks.<\/p>\n \u201cIf they can bundle something together, I would think they will try to promise to resolve TikTok by the end of Trump\u2019s term. Extending the deadline for less than that just leads to new deadlines which are also likely to be problematic,\u201d Elms told Al Jazeera.<\/p>\n A key agenda item of the talks, Elms said, is likely to be a long-mooted summit between Trump and Chinese President Xi Jinping, possibly on the sidelines of October\u2019s APEC summit in South Korea.<\/p>\n \u201cI think there is a strong interest in getting Trump and Xi together in a matter of weeks,\u201d she said.<\/p>\n \u201cThat is likely to be high on the agenda for both sides.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" The United States and China are set to hold a second day of trade talks in Spain amid efforts to de-escalate tensions between the world\u2019s two largest economies. US and Chinese officials will meet at the Santa Cruz Palace in Madrid on Monday in their latest bid to reach a comprehensive trade deal after months<\/p>\n","protected":false},"author":1,"featured_media":21399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[163,2153,531,150,268,672,213,1755,544,430],"class_list":{"0":"post-21398","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics","8":"tag-ban","9":"tag-china","10":"tag-international","11":"tag-news","12":"tag-oil","13":"tag-russian","14":"tag-talk","15":"tag-threats","16":"tag-tiktok","17":"tag-trade"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/21398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21398"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/21398\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/21399"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}