Overview

• Trump called the discussion with Xi "very productive" and said they plan to meet at the APEC summit in South Korea, while he also announced a trip to China early next year.
• Negotiators earlier this week reached a Madrid framework to keep TikTok operating in the U.S. by shifting control to American investors and tightening data safeguards, pending leader sign-off.
• Reports say a U.S. consortium including Oracle, Silver Lake and Andreessen Horowitz would control about 80% of TikTok U.S., with ByteDance near 20%, and U.S. data processed by Oracle in Texas.
• ByteDance thanked both leaders and said it will work under applicable laws to keep TikTok available to American users through TikTok U.S.
• Unresolved issues include the exact ownership split, control and licensing of the algorithm, required Chinese regulatory clearance, and likely U.S. congressional scrutiny under the divest-or-ban law.