Overview

• China’s Xinhua and U.S. outlets reported the leaders spoke Friday to try to finalize terms that would keep TikTok available to American users and address broader trade issues.
• Treasury Secretary Scott Bessent said a framework emerged from talks in Madrid this week, and the administration has extended the divestiture deadline to December 16, 2025.
• Sources say the plan would shift a majority stake in TikTok’s U.S. business to an American investor consortium reportedly including Oracle, Andreessen Horowitz and Silver Lake.
• Key details remain unresolved, including control or licensing of ByteDance’s recommendation algorithm, protections for U.S. user data, Chinese regulatory approval and likely congressional review.
• Officials and analysts say progress on TikTok could support a tariff pause and pave the way for a possible Trump–Xi meeting discussed for the late-October APEC summit.