Officials from the United States and China began their meeting in Madrid on Sunday for their fourth round of talks aiming to extend a truce in President Trump’s trade war.

美国和中国官员上周日开始在马德里会晤，这是双方为延长特朗普总统贸易战休战而举行的第四轮谈判。

The trade war rocked the global economy earlier this year, but relations have stabilized after a series of temporary truces. The latest pause on U.S. tariffs placed on imports from China is scheduled to expire in November, and officials from both countries are under pressure to prevent relations from backsliding.

这场贸易战曾在今年早些时候冲击全球经济，但在一系列临时休战之后，两国关系趋于稳定。美国最近一次暂停对中国进口商品加征关税的期限将在11月到期，两国官员都面临着防止双边关系倒退的压力。

Mr. Trump’s tariffs have added pressure on inflation, which remains elevated. The Federal Reserve is expected to cut interest rates this week, a move intended to encourage economic growth that can also boost inflation. Treasury Secretary Scott Bessent and Jamieson Greer, the U.S. trade representative, are leading the negotiations on behalf of the United States, and He Lifeng, the vice premier for economic policy, is leading the talks for China.

美国通胀仍然处于高位，特朗普的关税加大了通胀压力。美联储预计将在本周降息，此举旨在刺激经济增长，同时也可能推高通胀。美国由财政部长斯科特·贝森特和美国贸易代表贾米森·格里尔牵头谈判，中国方面由主管经济政策的副总理何立峰率队。

The talks are focusing on “national security, economic and trade issues of mutual interest, including TikTok and cooperating on money-laundering networks that threaten both the United States and China,” a statement from the Treasury Department said. China’s state media agency, Xinhua, said the two sides would discuss economic and trade issues including “the U.S. unilateral tariff measures, the abuse of export controls and TikTok.”

财政部发表声明称，谈判重点是“国家安全、双方共同关心的经贸问题，包括TikTok问题，以及合作打击对美中两国都造成威胁的洗钱网络”。中国国家通讯社新华社则报道称，两国将讨论包括“美单边关税措施、滥用出口管制及TikTok”等经贸问题。

Mr. Trump has until Wednesday to enforce or delay a law requiring TikTok to be separated from its Chinese owner, ByteDance, or face a ban in the United States.

特朗普须在周三前决定是执行还是推迟一项法律，该法律要求TikTok必须剥离其中国母公司字节跳动，否则将在美国面临禁令。

The president has already delayed enforcing the law three times. Congress passed the bipartisan legislation last year to ban TikTok in the country unless it found a non-Chinese owner because of concerns that the social media app’s ties to China made it a national security threat to the United States.

总统此前已三次推迟执行这项法律。由于担心TikTok与中国的联系对美国国家安全构成威胁，国会两党去年通过了这项立法，要求禁止TikTok在美国运营，除非该公司找到非中国所有者。

The talks are expected to continue into Monday or Tuesday. Mr. Bessent plans to join Mr. Trump for a state visit in London on Wednesday.

谈判预计将持续到周一或周二。贝森特计划于周三陪同特朗普前往伦敦进行国事访问。

Officials from countries around the world have been working to reach trade deals with the United States since April, when Mr. Trump imposed “reciprocal” tariffs on virtually all of America’s trading partners.

自从特朗普今年4月对几乎所有美国贸易伙伴加征“对等”关税以来，各国官员一直在努力与美国达成贸易协议。

Talks with China have been more complicated. Mr. Trump imposed 145 percent tariffs on Chinese imports in April, essentially halting trade, before lowering that levy to 30 percent. China put 10 percent tariffs on American products.

与中国的谈判则更为复杂。特朗普在4月对中国进口商品加征了145%的关税，几乎中止了两国贸易，随后又将税率降至30%。中国则对美国产品加征10%的关税。

On Saturday, China announced that it was opening an investigation into exports of certain microchips that are made in the United States. The day before, the U.S. Commerce Department said it was adding Chinese chip companies to a trade blacklist. The moves are expected to put additional pressure on the talks.

周六，中国宣布对美国制造的部分芯片出口展开调查。此前一天，美国商务部宣布将中国芯片公司列入贸易黑名单。这些举动预计将进一步加大谈判压力。

The world’s two largest economies have been discussing further tariff reductions and the status of China’s restrictions on shipments of rare earth minerals and magnets critical to U.S. manufacturers. The Trump administration is also concerned that China has stopped buying American agricultural products, threatening the livelihood of soybean farmers.

世界两大经济体持续就进一步降低关税，以及中国对美制造商至关重要的稀土矿物及磁铁出口限制措施进行磋商。特朗普政府还对中国停止购买美国农产品感到担忧，此举威胁到大豆种植者的生计。

Mr. Bessent has criticized China’s excess industrial capacity, describing its economy as unbalanced, and urged his Chinese counterparts to curb purchases of oil from Russia and Iran.

贝森特批评中国的工业产能过剩，称其经济失衡，并敦促中国官员减少从俄罗斯和伊朗购买石油。

Mr. Trump and Xi Jinping, China’s leader, could meet next month at the Asia-Pacific Economic Cooperation forum in South Korea. Mr. Trump has also suggested that he may visit China at some point at Mr. Xi’s invitation.

特朗普和中国领导人习近平可能于下月在韩国举行的亚太经合组织峰会上会面。特朗普还暗示，他可能会在习近平的邀请下择机访华。

The latest round of talks is taking place shortly after Mr. Xi gathered leaders of more than 20 countries in China last month in a show of Beijing’s efforts to reshape a global order without the United States at the center. Mr. Trump’s hardball tactics in trade negotiations have created a rift with allies like India, which has been the target of Mr. Trump’s heavy import tariffs, creating an opportunity for China to push for a closer relationship.

在本轮谈判前不久，习近平刚于上月召集20多位各国领导人访华，展示北京致力于重塑一个不以美国为中心的全球秩序。特朗普在贸易谈判中的强硬策略已导致与印度等盟友的关系出现裂痕，印度成为特朗普高额进口关税的目标，这给中国创造了推动中印更紧密关系的机会。

China is relying on increased trade with other countries to offset a sharp decline in exports to the United States. China’s exports to the United States have dropped about 15 percent this year, but trade to Southeast Asia, Africa and other regions is booming. China is on pace to surpass last year’s record nearly $1 trillion trade surplus in 2025.

中国正通过扩大与其他国家的贸易增长来抵消对美出口的急剧下降。中国对美出口今年下降了约15%，但对东南亚、非洲和其他地区的贸易则在快速增长。按照当前的趋势，中国有望在2025年超越去年创下的近1万亿美元贸易顺差纪录。

Despite the robust trade figures, there are signs that China’s domestic economy is feeling the pinch from the ongoing trade war. The Chinese government is discouraging companies from further investments in industries already suffering from overcapacity to prevent cutthroat price competition and ease concerns from trading partners that the deluge of inexpensive Chinese-made exports will decimate local manufacturing.

尽管贸易数据强劲，但也有迹象表明中国国内经济正感受到持续贸易战带来的压力。中国政府正在劝阻企业进一步投资那些已经产能过剩的行业，以防止恶性价格竞争，并缓解贸易伙伴对大量廉价中国制造出口产品将重创本土制造业的担忧。