"The United States and China have reached a framework deal regarding TikTok, Treasury Secretary Scott Bessent said Monday. The agreement would allow the short-video sharing platform to continue operating in the United States. "The framework is for a switch to US-controlled ownership," Bessent told reporters in Madrid. He said US President Donald Trump and Chinese President Xi Jinping were scheduled to speak on Friday to "complete" the agreement. The video platform is immensely popular among young people across the world, including in the US."
"Lawmakers were concerned about how the company handles US-based user data amid open questions regarding the Chinese government influence. Trump has repeatedly extended the deadline for shutting down the popular app since returning to office in January. In mid-June, he extended the deadline by 90 days, moving it to September 17, to allow time to find a non-Chinese buyer or face a ban in the United States."
The United States and China reached a framework deal to shift TikTok to US-controlled ownership, allowing the platform to continue operating in the United States. Treasury Secretary Scott Bessent announced the framework in Madrid and said Presidents Donald Trump and Xi Jinping were scheduled to speak on Friday to complete the agreement. Lawmakers had threatened a ban unless ByteDance sold its controlling stake amid concerns over handling of US-based user data and potential Chinese government influence. President Trump extended the shutdown deadline by 90 days to September 17 to allow time to find a non-Chinese buyer. There were no immediate comments from the Chinese delegation or ByteDance.
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