By Rounak Bagchi

Copyright timesnownews

President Donald Trump said Friday that he and China’s leader Xi Jinping had signed off on an agreement allowing a group of investors to assume control of TikTok’s American operations, concluding months of negotiations that placed the video-sharing app at the centre of broader trade tensions. “I just completed a very productive call with President Xi of China,” Trump wrote on his Truth Social platform. “We made progress on many very important issues including trade, fentanyl, the need to bring the war between Russia and Ukraine to an end, and the approval of the TikTok deal.” The deal was discussed by negotiators from both countries during trade talks in Madrid earlier this week and required approval from both leaders to be finalised, according to people briefed on the talks quoted by The Wall Street Journal. Trump also said he and Xi agreed to meet in person during the Asia-Pacific Economic Cooperation summit in South Korea later this year. He added that he would travel to China early next year, with Xi expected to make a reciprocal visit to the United States. “The call was a very good one, we will be speaking again by phone, appreciate the TikTok approval, and both look forward to meeting at APEC!” Trump wrote. In a report published by China’s official Xinhua News Agency, Xi appeared to endorse a commercial resolution to TikTok’s ownership dispute while maintaining China’s legal control over the app’s underlying technology. “The Chinese government respects the wishes of the company and is pleased to see businesses conduct commercial negotiations based on market rules to reach a solution that complies with Chinese law and regulations while balancing the interests of all parties,” Xi was quoted as saying. He added that he hoped the United States would ensure an “open, fair, and non-discriminatory business environment” for Chinese firms operating in America. Get Latest News Live on Times Now along with Breaking News and Top Headlines from US News and around the World.