The United States and China have reached a framework agreement to switch short-video app TikTok to US-controlled ownership, top US officials said on Monday, with President Donald Trump set to speak with Chinese President Xi Jinping on Friday.

US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer announced the agreement after a meeting between senior US and Chinese officials in Madrid, but declined to give any of the commercial terms of the agreement.

Bessent told reporters that further details would wait to be determined in a call on Friday between Trump and Xi.

Trump said on Monday that trade talks with China had gone very well and hinted that a deal had been reached to resolve issues the US has over TikTok........

© Dawn Business