U.S. and Chinese officials said on Monday they have reached a framework agreement to switch short-video app TikTok to U.S.-controlled ownership that will be confirmed in a Friday call between U.S. President Donald Trump and Chinese President Xi Jinping.
The potential deal on the popular social media app, which counts 170 million U.S. users, was a rare breakthrough in the months-long talks between the world’s No. 1 and No. 2 economies that have sought to defuse a wide-ranging trade war that has unnerved global markets.
Jamieson Greer, a US trade representative, said on Monday that Washington and Beijing have struck a framework agreement on transferring TikTok to US-controlled ownership.
After a meeting with Chinese negotiators in Madrid, U.S. Treasury Secretary Scott Bessent said a September 17 deadline that could have disrupted the popular social media app in the U.S. encouraged Chinese negotiators to reach a potential deal.
He said that deadline could be extended by 90 days to allow the deal to be finalized, but declined to discuss specifics of the deal.
Speaking after emerging from negotiations with Chinese officials, Scott Bessent also said the deal was coming but declined to reveal the commercial terms.
“We have a framework for a TikTok deal,” the treasury secretary told reporters after coming out of high-level talks in Madrid. “We’re not going to talk about the commercial terms of the deal. It’s between two private parties, but the commercial terms have been agreed upon.” Bessent added that the Chinese team had made “aggressive asks” during negotiations, but did not explain what they were.
Bessent said when commercial terms of the deal are revealed, it will preserve cultural aspects of TikTok that Chinese negotiators care about.
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“They’re interested in Chinese characteristics of the app, which they think are soft power. We don’t care about Chinese characteristics. We care about national security,” Bessent told reporters at the conclusion of two days of talks in Madrid.
It is the second time this year that the two sides have said they were nearing a TikTok deal. The earlier announcement in March ultimately did not pan out.
Any agreement could require approval by the Republican-controlled Congress, which passed a law in 2024 requiring divestiture due to fears that TikTok’s U.S. user data could be accessed by the Chinese government, allowing Beijing to spy on Americans or conduct influence operations through the app.
But the Trump administration has repeatedly declined to force a shutdown, which could anger the app’s millions of users and disrupt political communications. Trump has credited the app with helping him win re-election last year, and his personal account has 15 million followers. The White House launched an official TikTok account last month.
“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!!!” Trump wrote on his Truth Social platform.