Framework Deal On TikTok Reached Between U.S. And China

U.S. Treasury Secretary Scott Bessent said the deal comes after trade talks between Trump and Jinping in Spain.

President Trump announced that a deal has been reached for the ownership of TikTok.

The U.S. leader and Chinese President Xi Jinping are set to speak on Friday to possibly finalize the deal. The objective of the framework deal on the social media platform would switch to U.S. ownership.

U.S. Treasury Secretary Scott Bessent said the deal comes after trade talks between Trump and Jinping in Spain. The meeting marked the fourth round of trade talks between the leaders since Trump launched a tariff war on Chinese goods in April.

“We are not going to talk about the commercial terms of the deal. It’s between two private parties. But the commercial terms have been agreed upon,” Bessent said.

Chinese officials have yet to confirm Bessent’s statement and were not present at the press conference.