US government says 'framework' for TikTok ownership deal has been agreed with China
Washington and Beijing may be moving closer to resolving the long-running dispute over TikTok. US Treasury Secretary Scott Bessent said a "framework" agreement has been reached in trade talks with China in Madrid.
This could open the door for American ownership of TikTok's US operations, with final approval expected from both leaders later this week.
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Bessent said that US President Donald Trump and Chinese President Xi Jinping are scheduled to "complete" the deal on Friday.
He made the announcement during the second day of discussions intended to ease tensions between the world's two largest economies. China has not offered a response to the comments.
Trump echoed the remarks on Truth Social. He wrote, “The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL! It will be concluding shortly. A deal was also reached on a “certain” company that young people in our Country very much wanted to save. They will be very happy! I will be speaking to President Xi on Friday. The relationship remains a very strong one!!! President DJT.”
Clock ticking for TikTok
The talks come at a crucial time for TikTok, which is facing the prospect of a ban in the US. Last April, Congress passed a law that would require ByteDance, its Chinese parent company, to sell the US branch.
The Supreme Court upheld the legislation in January, ruling against TikTok's challenges.
ByteDance’s control of the app represents a threat to national security, the Justice Department has argued, pointing to the potential for access to sensitive data on millions of Americans.
TikTok has consistently denied this, insisting its US operations are managed independently and that it has never shared user data with Beijing.
ByteDance has also warned that the ban would undermine the free speech rights of the platform's 170 million American users.
The app briefly went offline in January when the law came into effect, before Trump stepped in to grant a 75-day postponement. Since then, the deadline for a sale has been extended three times. The current extension is due to expire on 17 September.
Speculation about possible buyers has swirled for months. High-profile names such as Elon Musk, YouTube creator MrBeast, and billionaire investor Frank McCourt have all been mentioned as interested parties.
If completed, the framework agreement would mark a turning point in the effort to keep TikTok operating in the US. For now, attention turns to Friday, when Trump and Xi are expected to hold a call that could finalize the future of the app.
What do you think about the potential TikTok deal? Let us know in the comments.
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