A framework deal has been reached between the U.S. and China over the ownership of social media platform TikTok, U.S. Treasury Secretary Scott Bessent said following trade talks in Madrid.
The deal aims to transfer TikTok to U.S. ownership, with final commercial terms agreed between the two private parties.
Bessent said U.S. President Donald Trump and Chinese Premier Xi Jinping are expected to speak on Friday to potentially finalise the agreement. He added that discussions focused on resolving TikTok-related concerns, reducing investment barriers, and promoting trade and economic cooperation.
China’s international trade representative Li Chenggang described the talks as “candid, in-depth” and said both sides reached a “basic framework consensus” to handle TikTok issues cooperatively.
The Madrid talks marked the fourth round of trade discussions since Trump launched tariffs on Chinese goods in April. Bessent said a fifth round is likely in the coming weeks, with a possible summit between Trump and Xi later this year or early next year to solidify a broader trade agreement.
U.S. officials have previously raised concerns about TikTok’s ownership and data security, citing Chinese laws that could compel companies to share information with the government. During the Biden administration, Congress and the White House approved a potential ban on TikTok unless ByteDance sold its controlling stake. Trump has extended the deadline for such a sale, citing ongoing negotiations.
The current extension expires on Wednesday, two days before Trump and Xi are scheduled to discuss the final details of the framework deal.
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