By Fridayby Shreya Biswas
Copyright indiatimes
AgenciesTikTok ban in US canceled
TikTok US-China deal: The United States and China have reached a framework deal regarding the future of the popular short-video app TikTok in the US, just days before it was set to be banned.TikTok Ownership to Switch to US Control Under New AgreementUS Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer said that Washington and Beijing had struck a “framework for a TikTok deal,” to switch short-video app TikTok to US-controlled ownership after a meeting in Madrid, focusing on tariffs, trade, and economic policies, as per a report.The deal means TikTok will be allowed to continue operating in the US for now, avoiding a potential shutdown that was looming as early as September 17 unless the app moved to US ownership, as per a Reuters report.ALSO READ: Apple Watch Ultra 3 vs Ultra 2 — the biggest upgrades that you need to know before buyingHowever, specific details of the agreement weren’t disclosed, with Bessent simply saying the framework involves a transition to US-controlled ownership, as reported by Reuters. He said, “We’re not going to talk about the commercial teams of the deal. It’s between two private parties, but the commercial terms have been agreed upon,” as quoted by CNBC.Live EventsBessent said, “We were very focused on TikTok and making sure that it was a deal that is fair for the Chinese and completely respects U.S. national security concerns, and that’s the deal we reached,” adding that the US wanted to “ensure that the Chinese have a fair investment environment in the United States, but always that U.S. national security comes first,” as quoted in the report.ALSO READ: Social Security 2026 COLA forecast revealed — here’s the good news and the bad newsPossible Extension on TikTok Ban Deadline After Framework DealGreer hinted there might be a short extension beyond the September 17 deadline to finalize this deal, as per Reuters. While Bessent added that, “It would not have been extended without a framework,” as quoted in the report.This framework deal marks a critical step in easing tensions between the world’s two largest economies and ensuring that TikTok remains accessible to millions of US users for now.Trump and Xi Jinping to Discuss Trade and TikTokAdding to the momentum, US President Donald Trump and Chinese President Xi Jinping are scheduled to speak on Friday to further discuss the ongoing trade and economic issues, as per the Reuters report.Earlier in the day, the US had warned it might ban TikTok unless China dropped certain demands related to tariffs and technological restrictions connected to the ownership transfer, according to Reuters.Discussion On Money Laundering and Fentanyl Trade in US-China TalksBeyond TikTok, the talks in Madrid also touched on broader cooperation efforts, including combating money laundering and tackling the illegal fentanyl trade, as per the Reuters report. FAQsWhat’s the latest update on TikTok’s future in the US?The US and China have agreed on a framework deal to keep TikTok running in the US by shifting ownership to a US-controlled company, as per the Reuters report.Will the TikTok ban deadline be extended?Possibly. Officials hinted there might be a short extension beyond September 17 to complete the deal.Add as a Reliable and Trusted News Source Add Now!
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