Treasury Secretary Scott Bessent, who is leading the US delegation during ongoing talks with Chinese trade officials in Spain, reiterated on Tuesday that he expects a finalized TikTok deal to be announced after President Trump and Xi Jinping talk on Friday.
The talks in Spain are set to continue through Wednesday.
“We were able to reach a series of agreements, mostly for things we will not be doing in the future that have no effect on our national security,” Bessent told CNBC.
TikTok is set to go offline Sept. 17 unless parent company ByteDance divests itself of majority ownership of the social media app or Trump extends the deadline again. Oracle (ORCL), seen as the frontrunner in any deal involving American stewardship of the app, rose 5% in premarket trading.
On Monday, China accused the US of “unilateral bullying” after Washington called on G7 and NATO allies to impose tariffs on Beijing over its purchase of Russian oil. Bessent noted that the US would not move forward with the oil-related tariffs unless European countries did the same.
In the background, the Supreme Court is reviewing a high-stakes legal challenge to President Trump’s tariffs, setting up a resolution as early as this fall.
The high court put the case on track for oral arguments in early November. That puts the case on an unusually quick track to resolution.
US Treasury Secretary Scott Bessent has warned in recent days that the US would have to refund around “half” the tariff revenue it has collected if the Supreme Court rules the president overstepped his authority, which has been the determination of a federal appeals court and the Court of International Trade.
The tariffs at stake are the sweeping “reciprocal,” country-specific duties Trump has outlined in various steps this year (which you can see in the graphic below). Those duties range from 10% to 50%. Trump has used a 1977 law known as “IEEPA” — the International Emergency Economic Powers Act — to justify imposing the tariffs.
The appeals court allowed the tariffs to stay in place while the case moves through the legal process.
Read more: What Trump’s tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
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(Reuters) -Wall Street is bracing for another bumpy ride ahead of a forthcoming Supreme Court decision on the constitutionality of tariffs that could throw Corporate America into turmoil and raise questions over the country’s fiscal health.
The plunge in asset prices in early April in the wake of U.S. President Trump’s Liberation Day tariff announcements offers Wall Street a taste of what some believe may be in store if courts opt to overturn a tariff regime to which market participants have become accustomed.
Since then, the administration has announced an array of trade deals and companies have found ways to absorb some of the costs. Markets in turn have recovered and moved on to set fresh highs.
