U.S. and China Reach Framework Agreement on TikTok Ownership
The United States and China have agreed on a framework to transfer TikTok's U.S. operations to American control, with final details pending a discussion between Presidents Trump and Xi.
The United States and China have reached a preliminary agreement to transfer TikTok's U.S. operations to American ownership. Treasury Secretary Scott Bessent announced the framework deal following trade discussions in Madrid, stating that the commercial terms have been agreed upon between the involved private parties.
President Donald Trump and Chinese President Xi Jinping are scheduled to discuss the final details of the agreement in a phone call on Friday. The current deadline for TikTok's divestiture is September 17, and the administration is considering extending this deadline to allow time for finalizing the deal.
The proposed agreement aims to address U.S. national security concerns by shifting control of TikTok's U.S. operations away from its Chinese parent company, ByteDance. The specifics of the deal, including the identity of the American buyer, have not been disclosed.
This development follows prolonged negotiations and previous extensions of the deadline for TikTok's divestiture. The outcome of the upcoming discussion between the two leaders is expected to determine the final terms and implementation of the ownership transfer.