Top US officials announced on Monday that the United States and China have reached a framework agreement to transfer control of the short-video app TikTok to US-owned entities. President Donald Trump is scheduled to speak with Chinese President Xi Jinping on Friday.
US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer made the announcement after a meeting between senior US and Chinese officials in Madrid but did not disclose the commercial terms of the agreement.
Bessent informed reporters that further details would be determined during the call between Trump and Xi on Friday.
On Monday, Trump stated that trade talks with China had progressed very well and hinted that a deal had been reached to resolve the US concerns over TikTok’s ownership.
“The big Trade Meeting in Europe between the United States of America, and China, has gone VERY WELL! It will be concluding shortly,” Trump posted on his TruthSocial platform.
He added, “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!!!”
Earlier on Monday, a US official familiar with the negotiations had said that the US would proceed with a ban on TikTok if China did not drop its demands for reduced tariffs and technology restrictions as part of a divestiture deal.
The US and Chinese delegations met to discuss the divestment of TikTok from its Chinese owner, ByteDance, as part of a broader round of talks on tariffs and economic policy held in Madrid. TikTok faced a potential shutdown in the US as early as September 17 unless it transitioned to US ownership.
Speaking to reporters earlier, Bessent and Greer said China was seeking concessions on trade and technology in exchange for agreeing to divest from the popular social media app.
“Our Chinese counterparts have come with a very aggressive ask,” Bessent said, adding, “We are not willing to sacrifice national security for a social media app.”
Poor Timing
The US-China negotiations, which began on Sunday at the Spanish Foreign Ministry’s baroque Palacio de Santa Cruz, were the fourth round of talks in four months aimed at addressing strained trade relations and the looming divestiture deadline for TikTok.
The talks took place as Washington urges its allies to impose tariffs on imports from China over Beijing’s purchases of Russian oil, which China on Monday called an act of coercion.
Separately, Beijing announced on Monday that a preliminary investigation into Nvidia had found the US chip giant had violated its anti-monopoly law. Bessent commented that the Nvidia announcement was poorly timed.
The probe is widely seen as a retaliatory action against Washington’s restrictions on China’s chip sector.
