US, China reach 'framework' deal over TikTok: Treasury Chief Bessent

The United States and China have reached a "framework" for a deal to settle their dispute over TikTok, US Treasury Secretary Scott Bessent said Monday after the two sides held trade talks in Madrid.

"We have a framework for a TikTok deal," he told reporters, adding that US President Donald Trump and China's Xi Jinping will speak on Friday to "complete" the agreement.

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TikTok is owned by China-based internet company ByteDance. A federal law requiring TikTok's sale or ban on national security grounds was due to take effect the day before US President Donald Trump's inauguration on January 20.

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But the Republican, whose 2024 election campaign relied heavily on social media and who has said he is fond of TikTok, put the ban on pause.

In mid-June, Trump extended a deadline for the popular video-sharing app by another 90 days to find a non-Chinese buyer or be banned in the United States. That extension is due to expire on Wednesday.