MADRID (AP) — A framework deal has been reached between China and the U.S. for the ownership of TikTok. U.S. Treasury Secretary Scott Bessent said Monday after trade talks in Madrid that U.S. President Donald Trump and Chinese Premier Xi Jinping would speak Friday to possibly finalize the deal. Bessent says the objective was to switch to U.S. ownership from China’s ByteDance. China’s international trade representative told reporters that the sides have reached “basic framework consensus.” During Joe Biden’s presidency, Congress and the White House used national security grounds to approve a U.S. ban on TikTok unless its Chinese parent company sold its controlling stake.
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