The news on a potential TikTok deal came from U.S. Treasury Secretary Scott Bessent, but the U.S. and China will speak further on Friday.

BY ASSOCIATED PRESS

Scott Bessent. Photos: Getty Images

A framework deal has been reached for the ownership of popular social video platform TikTok, U.S. Treasury Secretary Scott Bessent said after weekend trade talks between the U.S. and China in Spain.

Bessent said in a press conference after the latest round of trade talks between the world’s top two economies concluded in Madrid that U.S. President Donald Trump and Chinese Premier Xi Jinping would speak on Friday to possibly finalize the deal.

Bessent said that the objective of the framework deal on the social media platform would be to switch to U.S. ownership. Bessent said that Trump and Xi would speak on Friday to complete the deal.

“We are not going to talk about the commercial terms of the deal,” Bessent said. “It’s between two private parties. But the commercial terms have been agreed upon.”

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Chinese officials have yet to confirm Bessent’s statement and were not present at the press conference.

The meeting in Madrid is the fourth round of trade talks between United States and Chinese........

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