Overview

• Treasury Secretary Scott Bessent said in Madrid that Washington and Beijing agreed on a framework to shift TikTok’s U.S. operations to American-controlled ownership, with commercial terms settled between private parties.
• President Donald Trump said a buyer group is in place and that he will speak with China’s Xi Jinping on Friday to confirm details, with the current Sept. 17 deadline widely expected to be extended.
• China’s Li Chenggang confirmed a “basic framework consensus,” and Chinese officials in Madrid said there was consensus on authorizing use of TikTok’s algorithm IP and on entrusting a partner with U.S. data and content security.
• Lawmakers signaled intensive scrutiny, with House China Committee voices insisting any deal fully divest ByteDance’s control and separate the algorithm to comply with the 2024 law; some reports suggest congressional approval could be required.
• Media reports point to Oracle-linked investors as likely buyers and indicate Oracle would retain its cloud role; the prospective transaction is reported to target closing in 30–45 days for an app used by roughly 170 million Americans.