The U.S. and China have a reached a 'framework' deal for social media platform TikTok, Treasury Secretary Scott Bessent said Monday.
"It's between two private parties, but the commercial terms have been agreed upon," he said from Madrid. Both President Donald Trump and Chinese President Xi Jinping will meet Friday to discuss the terms.
On Monday, Trump said in a Truth Social post Monday that a deal was reached "on a 'certain' company that young people in our Country very much wanted to save" as U.S. and China officials met in Madrid to discuss a broad range of issues, including the social media platform.
Relations have soured between the two countries the countries under the weight of Trump's tariffs and other trade restrictions. The administration was facing a Sept. 17 deadline to either divest TikTok's U.S. business or shut down the social media app in the country.