U.S. Treasury Secretary Scott Bessent announced on Tuesday that he anticipates a final deal on the popular short-video app TikTok when President Donald Trump speaks with Chinese leader Xi Jinping this Friday.
Bessent stated that China had a “long list of asks” during this week’s negotiations in Madrid. He described the talks as comprehensive and conducted with mutual respect. The two nations had announced a framework agreement on Monday to de-escalate their ongoing trade war, which has unsettled global markets.
According to Bessent, President Trump has made it clear that he would allow TikTok, which has 170 million U.S. users, to be shut down if a deal for U.S.-controlled ownership is not reached. However, Trump has already extended the deadline for a deal three times and is expected to do so a fourth time on the upcoming Wednesday deadline.
Bessent noted that the commercial terms with new investors still need to be finalized, but he did not provide further details.
