The US and China have established a “framework” agreement to resolve their TikTok dispute, announced US Treasury Secretary Scott Bessent on Monday after trade discussions in Madrid.
“We have a TikTok deal framework,” he reported, noting that US President Donald Trump and China’s Xi Jinping are set to discuss on Friday to “finalize” the deal.
TikTok, owned by the China-based internet firm ByteDance, faced a federal mandate requiring its sale or ban due to national security concerns, set to take effect the day before President Trump’s inauguration on January 20.
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However, Trump, whose 2024 campaign heavily relied on social media and who expressed fondness for TikTok, postponed the ban.
In mid-June, Trump extended the deadline for the popular app by 90 more days to secure a non-Chinese buyer or face a US ban. This extension ends on Wednesday.
