The U.S. and China agreed on a framework deal to allow TikTok to keep operating in the U.S. amid trade negotiations as the social media app faced being shut down as early as Wednesday without action.
“The framework for a switch to a U.S.-controlled ownership,” Bessent told reporters in Madrid following two days of negotiations with the Chinese delegation.
President Donald Trump is planning to talk with Chinese President Xi Jinping on Friday to finalize the deal.
U.S. Trade Representative Jamieson Greer said that there may be a short extension of the Sept. 17 deadline, while Bessent added that “It would not have been extended without a framework.”
Bessent previously said that China sought concessions from the U.S. on trade and technology policy in exchange for divesting from TikTok.
“Our Chinese counterparts have come with a very aggressive ask,” Bessent said, while the treasury secretary added, “We are not willing to sacrifice national security for a social media app.”
Trump took to his Truth Social platform to say that, “The big Trade Meeting in Europe between The United States of America and China, has gone VERY WELL! It will be concluding shortly.”
“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,” Trump added. “The relationship remains a very strong one!!!”
This is a developing story. Please check back for updates.
Reuters contributed to this report.
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