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’s 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 of tit-for-tat trade salvoes between the sides.
Officials, led by US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, held about six hours of talks on Sunday.
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’s purchase of Russian oil.
President Donald Trump’s 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.
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.
“China has a strong control, and even grip, over Russia, and these powerful Tariffs will break that grip,” Trump said on his Truth Social platform.
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.
Chinese Foreign Minister Wang Yi on Saturday appeared to hit out at Washington’s efforts to punish countries buying Russian oil, saying sanctions would only “complicate” the situation in Ukraine.
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