The U.S. and China have struck a framework agreement that would shift TikTok into U.S.-controlled ownership, top officials confirmed Monday. President Donald Trump is expected to speak directly with Chinese President Xi Jinping on Friday to finalize details.
Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer made the announcement in Madrid after a meeting with senior Chinese officials. They declined to provide commercial terms of the deal, saying more details will follow the Trump-Xi call.
Trump hinted at the agreement earlier in the day, signaling that progress had been made not only on TikTok but also on broader trade issues.
“The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL! It will be concluding shortly,” Trump wrote on TruthSocial.
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!!!”
The future of TikTok has been a major flashpoint between Washington and Beijing. U.S. officials have long pushed for a full divestiture of the app’s Chinese ownership, citing national security concerns.
Earlier Monday, a U.S. official familiar with negotiations said the U.S. was prepared to impose a ban if China refused to ease demands for tariff relief and looser technology restrictions in the deal.
The framework agreement signals at least a temporary breakthrough, though final details will hinge on the upcoming Trump-Xi call.