The United States and China began talks in Madrid on Monday, September 15, with tariffs and the future of TikTok among key agenda items, as delegations led by U.S. Treasury Secretary Scott Bessent and China’s Vice Premier He Lifeng seek to ease tensions. The discussions come amid continued U.S. scrutiny of Chinese industrial policy and a series of tariff moves this year that have disrupted trade flows in metals and other goods. Any de‑escalation on tariffs or clearer timelines for measures could influence price differentials and arbitrage between the LME, SHFE and CME, as well as steel and aluminum import costs into the U.S. and EU. The live‑update format from negotiators suggested cautious optimism but underscored persistent differences over technology and national‑security concerns. For the global steel and metals industry, the outcome may affect rerouting of finished steel, aluminum and copper products, and shape import premiums and regional spreads in the fourth quarter. Traders are watching for signals on exemptions, quota frameworks, or sector‑specific commitments that could stabilize flows after months of tariff‑driven volatility.