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.
Two bombs exploded near a hotel in Damascus where French President Emmanuel Macron had spent the night, but his office said he did not hear the explos...
Mourners are paying their respects to the late Iranian Supreme Leader Ali Khamenei, as his funeral ceremonies move to Qom in north-central Iran. ...
Chinese and Russian warships have begun their annual Joint Sea-2026 naval exercise in the Yellow Sea, before a planned joint patrol in the Pacific Oce...
Two bombs exploded near a hotel in Damascus where French President Emmanuel Macron had spent the night, but his office said he did not hear the explosions and was on his way to meet Syrian President Ahmed al-Sharaa at the time.
Mourners are paying their respects to the late Iranian Supreme Leader Ali Khamenei, as his funeral ceremonies move to Qom in north-central Iran.
Thousands of revellers have packed the streets of Pamplona as the world-famous San Fermín Festival officially got under way, marking the start of nine days of celebrations that culminate in the iconic running of the bulls.
Ramzan Kadyrov has been left off the ruling United Russia party's election list for Chechnya for the first time since 2007, fuelling fresh speculation about his political future and succession plans.
The death toll from Venezuela's devastating twin earthquakes has risen to 3,342, according to the country's information ministry, as rescue teams continue searching affected areas and survivors face an uncertain recovery.
Mourners are paying their respects to the late Iranian Supreme Leader Ali Khamenei, as his funeral ceremonies move to Qom in north-central Iran.
Mexico's national football team has returned luxury Rolex watches gifted by American content creator Stevewilldoit after concerns that they could conflict with FIFA's ethics rules.
Christian Dior has secured one of fashion's most coveted celebrity endorsements after both Taylor Swift and Travis Kelce wore custom haute couture designs by creative director Jonathan Anderson for their wedding in New York.
Massive crowds are gathering in the streets of Tehran on Monday for the funeral procession of Iran's slain former supreme leader, Ali Khamenei, as part of a week-long farewell. His son and designated successor, Mojtaba Khamenei, has yet to make a public appearance.
Chinese and Russian warships have begun their annual Joint Sea-2026 naval exercise in the Yellow Sea, before a planned joint patrol in the Pacific Ocean.
Ramzan Kadyrov has been left off the ruling United Russia party's election list for Chechnya for the first time since 2007, fuelling fresh speculation about his political future and succession plans.
At least 11 people have been killed after two tornadoes swept through central China's Hubei province, causing widespread damage as the country braces for more extreme weather in the coming days.
Wildfires have taken a hold in southern Europe as the European Union sends four rescEU water bombing aircraft and more than 100 firefighters from Cyprus and Sweden to help tackle the blazes across France and Portugal. The EU is set to send more to at least 14 European countries.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 7th of July, covering the latest developments you need to know.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment