Scott Bessent, the U.S. Treasury Secretary, and Jamieson Greer, the U.S. Trade Representative, held a press conference in Madrid, Spain, on September 15, 2025. They joined Secretary Yellen in her meeting with Chinese Vice Premier He Lifeng. This stunning diplomatic event came amidst increasing U.S.-China tensions over trade, broader economic, and national security issues.
At the press conference, Bessent touched on the U.S. commitment to keeping our national security. He underscored President Donald Trump’s willingness to go to war over the TikTok situation. This short-form video-focused social media application is owned by Chinese company ByteDance. Bessent stated, “President Trump made it clear that he would have been willing to let TikTok go dark, that we were not going to give up national security in favor of the deal.”
The comments reflect the increasing friction between the U.S. and China. This intricate bilateral relationship increasingly hinges on matters of technological advancement and fair trade behavior. Among the other large gripes that the U.S.-China talks are trying to resolve is adherence to non-discriminatory anti-monopoly laws. Just last week, China opened an antitrust investigation into Nvidia, which just wrapped up with a preliminary finding that the tech giant had indeed violated these laws. True to its retaliatory precedent, China has even recently renewed calls to probe Nvidia.
This investigation shows the momentous shift toward protectionism and growing animosity toward corporate interests between the two countries. The conversations taking place in Madrid are arguably the most important for both countries as they face a historic turning point, while crossing these rocky waters.
Bessent and Greer went to this meeting with Vice Premier He Lifeng. They deep-dived into ByteDance’s ongoing negotiations with possible American or other foreign investors over TikTok. According to industry reports, commercial terms for this deal have been virtually locked in since March or April of this year. These negotiations couldn’t be more timely as they are a reflection of the increasingly toxic environment of U.S.-China relations overall. Both sides are feeling extreme duress from the technology ownership and national security pressures.
Greer took the opportunity to drill down on just how important these negotiations are to establish a collaborative climate. This is critical, particularly given the increased complexity of trade and technology in today’s global economy. The results of such discussions will be critical to establishing the tone and substance of future interactions between the two powers.