U.S. Treasury’s Bessent to Meet China’s He Lifeng in Madrid on Trade, TikTok, and Money Laundering

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U.S. Treasury Secretary Scott Bessent will meet Chinese Vice Premier He Lifeng in Madrid next week for high-level talks covering trade, TikTok, and illicit finance, the Treasury said Thursday. The meetings, set for September 12–18, coincide with Bessent’s trip to Spain and Britain, ahead of his participation in President Donald Trump’s state visit to the UK (Sept. 17–19).

Focus Areas

  • Trade and Tariffs: The talks mark the fourth major in-person meeting between Bessent and He this year, as Washington and Beijing seek to uphold a fragile trade truce. A July meeting in Stockholm resulted in a 90-day tariff pause extension, approved by Trump until November 10. U.S. tariffs on Chinese goods remain steep at ~55%, with agriculture a sticking point. Washington accuses China of shifting farm imports to Brazil and Argentina, undercutting U.S. soybean farmers.

  • TikTok Deadline: ByteDance’s short-video platform faces a U.S. ban unless it is sold to U.S. ownership. Trump extended TikTok’s divestment deadline to September 17. Treasury confirmed the app will be discussed in Madrid, after not featuring in July’s talks.

  • Money Laundering Cooperation: Both sides will address illicit finance, which Washington links to Chinese banks allegedly enabling Russia’s access to military technologies amid the Ukraine war. Treasury retains the authority to sanction Chinese banks involved in such transfers, though it has not yet exercised it.

Broader Context

The Madrid meeting comes as the world’s two largest economies attempt to stabilize relations:

  • Rare earth exports from China to the U.S. were restored under the current truce.

  • However, agriculture and tariffs remain unresolved, with U.S. farmers facing a shrinking share of the Chinese market.

  • Trump has maintained high tariffs on Chinese goods, including those tied to fentanyl supply chain disputes.

The outcome of the Madrid talks remains uncertain, particularly on farm trade or tariff relief, but the inclusion of TikTok and money laundering suggests Washington is broadening the agenda beyond traditional trade disputes.

Figure Valued at $7.6 Billion After Strong Nasdaq Debut

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Figure Technology (FIGR.O) surged 44% in its Nasdaq debut on Thursday, closing with a market valuation of $7.62 billion, signaling strong investor appetite for crypto-linked firms with tangible business models.

IPO Details

  • Offer price: $25 per share

  • Opening trade: $36 per share

  • Capital raised: $787.5 million via 31.5 million shares, upsized from 26 million after strong demand

  • IPO priced above the raised range of $20–$22 per share

This marks one of the most successful debuts in a busy IPO week, the strongest since 2021, as buoyant equity markets reignite investor interest following April’s tariff-driven volatility.

Figure’s Business Model

Founded in 2018 by Mike Cagney (previously co-founder of SoFi), Figure focuses on blockchain-powered housing finance rather than speculative crypto holdings.

  • Facilitated $6 billion in home equity lending in the year ended June 30, up 29% year-on-year.

  • Built the Provenance blockchain to originate, verify, and process home-equity loans.

  • 10 of the top 20 mortgage companies and 20+ large banks now use its technology.

Cagney criticized crypto-treasury strategies, telling Reuters: “Blockchain never loses an opportunity to shoot itself in the foot. Treasury strategies do not represent the full potential of the technology.”

Market Context

Unlike firms that boosted valuations by hoarding bitcoin or ether — and have since seen share prices slump — Figure emphasizes blockchain infrastructure with revenue growth and industry adoption.

Meanwhile, crypto exchange Gemini, backed by the Winklevoss twins, is preparing for its own New York IPO on Friday, adding momentum to the sector’s march into mainstream markets.

OpenAI and Nvidia to Back Billions in UK Data Center Investments – Bloomberg

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OpenAI and Nvidia plan to announce major support for billions of dollars in UK data center projects next week, according to a Bloomberg report citing people familiar with the matter. The initiative will be carried out in partnership with London-based Nscale Global Holdings.

High-Profile Visit

  • Sam Altman (OpenAI CEO) and Jensen Huang (Nvidia CEO) are expected to be in the UK as part of a U.S. tech delegation coinciding with President Donald Trump’s visit.

  • Several other U.S. firms are also preparing to unveil tens of billions of dollars in UK investments during the trip.

Strategic Importance

The planned data center buildout reflects soaring demand for AI and cloud infrastructure, as companies worldwide race to secure computing power for advanced machine learning applications.

Silence From Stakeholders

  • Nvidia declined to comment.

  • OpenAI, Nscale Global, the White House, and Downing Street did not immediately respond to Reuters requests for comment.

If confirmed, the pledge would mark one of the largest U.S. tech investments in the UK’s digital infrastructure, reinforcing Britain’s bid to position itself as a hub for AI innovation and cloud expansion.