NextFin news, On Monday, September 15, 2025, in Madrid, Spain, U.S. Treasury Secretary Scott Bessent announced that the United States and China agreed to extend the deadline for tariffs imposed on China by 90 days. This extension coincides with the finalization of a framework agreement concerning the ownership of the Chinese video platform TikTok.
The framework deal aims to transfer majority control of TikTok's U.S. operations from its Chinese parent company ByteDance to American investors. This move addresses U.S. national security concerns regarding data privacy and potential influence by the Chinese government. The agreement was reached during high-level trade negotiations between the two countries.
President Donald Trump, who was preparing for a state visit to the United Kingdom on Tuesday, September 16, posted on his social media platform Truth Social that the negotiations had gone very well and highlighted the agreement on TikTok, a platform popular among younger Americans. Trump also announced plans for a phone call with Chinese President Xi Jinping scheduled for Friday, September 19, to finalize the deal.
The TikTok Ban Act, enacted in April 2024, mandates that TikTok's U.S. business rights must be sold to an American company or face a ban in the United States. The original shutdown deadline was set for Wednesday, September 17, 2025, but the extension allows more time to complete the ownership transfer.
In addition to the TikTok agreement, the U.S. and China discussed tariff issues during the Madrid talks. Since April 2025, the U.S. has imposed reciprocal tariffs on Chinese goods, and both sides agreed in May to reduce tariff rates by 115 percentage points each. The current tariff postponement agreement was due to expire on November 10, 2025, but officials indicated a further extension is likely if negotiations continue positively.
Secretary Bessent also mentioned cooperation between the U.S. and China on anti-money laundering efforts, particularly targeting funds linked to Mexican drug cartels. He noted China's willingness to collaborate on this issue. Furthermore, Bessent addressed concerns about the timing of a Chinese investigation into the U.S. semiconductor company NVIDIA, calling it inappropriate.
High-level talks between the U.S. and China are expected to resume in the coming weeks to continue discussions on trade and economic policies.
These developments were reported by WION, Time Magazine, and Chosun Ilbo, citing official statements from U.S. Treasury Secretary Scott Bessent and President Donald Trump.
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