Beijing accuses Nvidia and criticizes US duties on Russian crude oil
The United States and China have reached a framework agreement on Tiktokmaking a crucial step to put an end to a saga that has been going on for five years and that weighed like a boulder in the relationships between the two economic superpowers.
“We have an understanding. Donald Trump and XI will complete it,” announced the secretary of Treasury Scott Beesent at the end of the two days of tight encounters with the Chinese counterpart in Madrid. The two leaders will feel by phone on Friday to discuss the agreement and seal it.
The platform is at the center of a hard litigation between the United States and China that has been prolonged since the time of the first Trump administration, among multiple turns of the White House, an ad hoc law approved by the congress and the intervention of the Supreme Court.
The framework agreement should now bring clarity on the future of the popular platform that has helped Trump to conquer the presidency for the second time and that the president undertook to save Under pressure from the over 135 million Americans who use it, many of which has his supporters.
The contours of the intensity are not clear, especially as regards the much coveted algorithm that governs the app. Bessent confirmed that the ownership of Tiktok’s American division will be US so as to wipe out the fears for national security that had pushed the congress to intervene by imposing a sale or prohibition of the platform in the United States. According to rumors, to reveal Tiktok’s US activities, it could be a consortium led by the president of Oracle Larry Ellison, to whom Trump had expressed his support for the acquisition of the app already in January.
Shortly before the official announcement, the American president on his social Truth had let it leak that an agreement was at hand. “An agreement was reached on a certain company that the young people of our country wanted to save strongly. They will be very happy,” said Beesent preceding and announcing simultaneously that he would talk to Xi.
The agreement seems to pave the way for a possible meeting between the two leaders. China has been pressing for months for an official Trump visit to the country, but the United States have not replied so far by asking before the tangible results on Tiktok. Now in the light of the agreement reached it is possible that the two presidents can meet at the top of the Apec in South Korea, and a visit to Trump is not excluded in China.
Despite the lightening, the tension between the two countries remains high above all on the technological sector. The United States have in fact inserted some Chinese chip companies on their commercial black list. Beijing instead accused Nvidia of antitrust violations in the acquisition of the Israeli Mellanox Technologies.
Then there is the node of the duties still to be dissolved. The maxi rates imposed by Trump have made Chinese exports to the States dropped by 15% since the beginning of the year, slowing down the Dragon economy, whose industrial production in August has marked a modest +5.2%, the lower increase for 12 months. If the current duties are already making a salty account pay, Beijing is also concerned about the hypothesis of new American rates against China for Russian oil purchases.
A fear to which Beesent replied, explaining that the United States will not impose duties for the purchases of Russian crude oil unless the Europeans “do not reach our current level of rates”. For their part, the United States are worried about the few progress in the Chinese battle against Fentalyl and above all for the poor purchases of American agricultural products, the soybean in the first place, which affect the base of Trump and that band of voters determined for the Republican party in view of the mid -mandate elections.
