Unsplash: Alexander ShatovThe US has reached a “framework” deal with China over TikTok, according to Treasury Secretary Scott Bessent.
Bessent told CNBC the agreement is “between two private parties” and that “the commercial terms have been agreed upon.” He spoke while attending a meeting between the two countries in Madrid on Monday.
The announcement came shortly after President Donald Trump posted on Truth Social that a deal had been reached for “a certain company that young people in our Country very much wanted to save.” He added that he would speak with Chinese President Xi Jinping on Friday.
Pexels: greenwish _Just ahead of ban deadline
The news arrives just two days before the September 17 deadline, when the TikTok ban is set to take effect. The US and Chinese delegations met in Madrid on September 15 to discuss economic policy.
In June, Trump said he had identified a group of buyers for the short-video app. On September 14, Reuters reported that the US was prepared to move forward with a ban if China did not ease demands on tariffs and technology restrictions.
TikTok was formally banned in the US on January 19 following a federal law signed by former President Joe Biden. Trump has since issued multiple executive orders to keep the app available in the country.
Shortly after Biden signed the TikTok ban into effect, the app’s CEO, Shou Zi Chew, issued a statement within minutes revealing their plans to fight the law in court.