By Chris Eudaily,Jordan Novet,Samantha Subin
Copyright cnbc
The U.S. and China have a reached a ‘framework’ deal for social media platform TikTok, Treasury Secretary Scott Bessent said Monday.
“It’s between two private parties, but the commercial terms have been agreed upon,” he said from U.S.-China talks in Madrid. Both President Donald Trump and Chinese President Xi Jinping will meet Friday to discuss the terms.
Trump said in a Truth Social post Monday that a deal was reached “on a ‘certain’ company that young people in our Country very much wanted to save” as U.S. and China officials met in Madrid to discuss a broad range of issues, including the social media platform.
Bessent also indicated that the framework could pivot to a U.S.-controlled ownership.
The administration was facing a Sept. 17 deadline to either divest TikTok’s U.S. business or shut down the social media app in the country. Last year, Congress passed a law prohibiting app store operators like Apple and Google from distributing TikTok in the U.S. due to its “foreign adversary-controlled application” status. Companies would face fines for not complying.
Relations have soured between the two countries in recent months under the weight of Trump’s tariffs and other trade restrictions.
