Overview

• The leaders were expected to hold their first known call in three months on Friday morning, though Beijing has not confirmed the conversation.
• Treasury Secretary Scott Bessent said negotiators reached a framework in Madrid that Trump and Xi could try to finalize to keep TikTok operating in the U.S.
• U.S. law requires a shutdown for American users by January 2025 unless ByteDance sells TikTok’s U.S. assets, and Trump has delayed enforcement while seeking a new owner.
• Sources say a prospective deal would shift U.S. assets to American owners but continue using ByteDance’s algorithm, a point that alarms some lawmakers.
• The TikTok push is part of broader efforts to ease trade frictions and explore an APEC meeting in South Korea, as China allowed Wells Fargo banker Chenyue Mao to depart as a goodwill gesture.