TikTok deal framework reached with China, U.S. officials say
Global News
U.S. Treasury Secretary Scott Bessent said President Donald Trump and Chinese Premier Xi Jinping would speak Friday to possibly finalize the deal.
A framework deal has been reached between China and the U.S. for the ownership of popular social video platform TikTok, U.S. Treasury Secretary Scott Bessent said after weekend trade talks in Spain.
Bessent said in a press conference after the latest round of trade talks between the world’s top two economies concluded in Madrid that U.S. President Donald Trump and Chinese Premier Xi Jinping would speak Friday to possibly finalize the deal. He said the objective of the deal would be to switch to U.S. ownership.
“We are not going to talk about the commercial terms of the deal,” Bessent said. “It’s between two private parties. But the commercial terms have been agreed upon.”
Li Chenggang, China’s international trade representative, said the two sides have reached “basic framework consensus” to properly solve TikTok-related issues in a cooperative way, reduce investment barriers and promote related economic and trade cooperation, according to China’s official news agency Xinhua.
Li said the two sides had “candid, in-depth” discussions over TikTok and matters of concern to China.
The meeting in Madrid is the fourth round of trade talks between U.S. and Chinese officials since Trump launched a tariff war on Chinese goods in April. A fifth round of negotiations is likely to happen “in the coming weeks,” Bessent said, with both governments planning for a possible summit between Trump and Xi later this year or early next year to solidify a trade agreement.
However, nothing has been confirmed, and analysts say possible trade bumps could delay the visit.
Chinese officials didn’t immediately speak to the media following the Madrid talks, but Chinese Vice Premier He Lifeng, who led the Chinese delegation, was seen smiling when he left the venue.
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