U.S. and China Near Agreement on TikTok Ownership Amid Trade Talks
U.S. and Chinese officials are close to finalizing a framework that would transition TikTok to U.S.-controlled ownership, as part of ongoing trade negotiations in Madrid.
U.S. and Chinese trade representatives are nearing an agreement to transition TikTok to U.S.-controlled ownership, according to Treasury Secretary Scott Bessent.
Bessent stated that both parties have made significant progress on technical details and are close to finalizing the framework.
The discussions are part of broader trade negotiations in Madrid, addressing issues such as tariff rates and export controls.
The U.S. has set a September 17 deadline for ByteDance, TikTok's parent company, to divest its U.S. operations or face a ban.
China has placed TikTok's recommendation algorithm on its export-control list, requiring government approval for any transfer to a foreign entity.
President Donald Trump indicated that the outcome of the TikTok negotiations would depend on Beijing's actions.
The potential agreement could serve as a precedent for managing cross-border technology platforms amid increasing digital sovereignty concerns.
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