Overview

• President Donald Trump and Xi Jinping held a call Friday that focused on TikTok and trade, with Trump saying they “made progress” and would meet at the APEC summit in South Korea late October.
• China’s official readout described the conversation as constructive but did not confirm any approval of a TikTok deal, emphasizing market-based negotiations consistent with Chinese law.
• U.S. officials say negotiators reached a Madrid framework to shift TikTok’s U.S. assets to American owners, and reports indicate the U.S. service could still use ByteDance’s algorithm, drawing concern from some lawmakers.
• U.S. law requires ByteDance to divest TikTok’s U.S. operations or face a ban, and the administration has repeatedly extended enforcement deadlines while talks continue.
• No broader trade agreements were announced, with a tariff truce holding U.S. rates near 30% and China’s near 10% into November as disputes over export controls, fentanyl precursors and agricultural purchases remain unresolved.