US Treasury Secretary Janet Yellen (left) and Chinese Vice Premier He Lifeng. EPA=Yonhap News.

US Treasury Secretary Janet Yellen is scheduled to hold trade talks with Chinese Vice Premier He Lifeng next week in Spain, Reuters reported on the 11th (local time).

In a statement, the US Treasury Department announced that Secretary Yellen will visit Spain and the United Kingdom from the 12th to the 18th, and that she will continue discussions on trade, economy, and national security with Vice Premier He in Madrid, Spain next week.

The Treasury Department explained that agendas related to the operating plan of TikTok, a popular Chinese-owned video-sharing platform, and joint efforts to eradicate money laundering will also be on the discussion table.

The US has been attempting negotiations with China over the sale of TikTok's US business following the enactment of the "TikTok Ban Act." Additionally, the US is requesting China's cooperation, suspecting the involvement of Chinese forces in money laundering by drug cartels.

China's Ministry of Commerce also announced on its website on the 12th, "In accordance with the agreement between China and the United States, Vice Premier He Lifeng will lead a delegation to visit Spain from the 14th to the 17th to hold talks with the US side."

The Ministry of Commerce added, "Both sides will discuss issues such as the US's unilateral tariff measures, the abuse of export controls, and economic and trade matters including TikTok."

In a separate statement regarding the TikTok issue, the Ministry of Commerce emphasized, "China's determination to protect the legitimate and lawful rights and interests of its companies is unwavering, and we will review and approve the TikTok issue in accordance with laws and regulations. We urge the US to resolve each other's concerns and find solutions to the problems through dialogue based on mutual respect and equal negotiation with China."

The meeting between the two officials is the fourth high-level trade talk since the US-China trade war was triggered by former US President Donald Trump's "tariff bomb."

The two countries, which were in confrontation by raising tariffs in succession in April, agreed to significantly lower their tariff rates by 115 percentage points each during the first high-level meeting held in Geneva, Switzerland in May. At that time, both sides canceled 91 percentage points out of the additional 115 percentage points tariff and deferred the application of 24 percentage points for 90 days.

Subsequently, at the second meeting held in London, UK in June, and the third meeting held in Stockholm, Sweden in July, both sides agreed to extend the tariff deferral by an additional 90 days. According to the White House, the deferral deadline is until November 10th at 1:01 AM.

Amidst this, the fact that President Trump withdrew the nomination of an individual known as a hawk towards China for a key position in the US Department of Commerce on the 11th has drawn attention to the background.

According to Reuters, President Trump withdrew the nomination of Landon Hynd, a candidate for Assistant Secretary of Commerce for Export Administration, on the same day. The Assistant Secretary of Commerce for Export Administration is the position overseeing the export control of US strategic materials and advanced technologies.

Candidate Hynd worked at the US House Select Committee on the CCP and was deeply involved in global regulations on artificial intelligence (AI) chips and regulations related to business with Chinese biotech companies.

Reuters pointed out that the position of Assistant Secretary of Commerce for Export Administration is a "key position in the US-China tech war," and this move raises questions about whether the Trump administration is "signaling a more conciliatory approach to China."

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