Chinese Vice-Premier He Lifeng and US Treasury Secretary Scott Bessent opened a fresh round of trade negotiations in Madrid on Sunday, marking the fourth face-to-face meeting between the two delegations this year. The talks come at a critical moment, with the tariff truce reached in Stockholm set to expire in November, raising the stakes for both sides to find common ground.
The delegations arrived at Spain’s foreign ministry in central Madrid, where Foreign Minister José Manuel Albares welcomed them in a ceremony that drew both media and public attention. The Chinese team, which had landed just hours earlier, was led by He and senior trade negotiator Li Chenggang. Prime Minister Pedro Sánchez was notably absent, occupied with a Socialist Party gathering in southern Spain.
The Madrid round follows earlier meetings in European capitals, including Stockholm in July, where temporary agreements helped prevent an escalation of tariffs. Yet tensions remain unresolved, particularly after US President Donald Trump reignited tariff measures in April, sparking renewed friction between the world’s two largest economies.
Observers say the talks will likely focus on tariff rollbacks, market access, and regulatory frameworks for sensitive sectors such as technology and agriculture. The outcome could set the tone for global markets heading into the final quarter of the year. For Europe, hosting the negotiations underscores its role as a diplomatic bridge amid intensifying competition between Washington and Beijing.
While both sides publicly stress the importance of dialogue, the November deadline looms large. Failure to extend or replace the tariff truce risks reviving a trade war that would reverberate far beyond the US and China, affecting supply chains and economies worldwide.
