Overview
- President Trump said the U.S. has an agreement on TikTok and plans to speak with President Xi on Friday to confirm details.
- The framework described by Treasury Secretary Scott Bessent envisions U.S. ownership or control of TikTok’s American business through U.S.-based investors, with commercial terms not yet disclosed.
- China’s cyberspace official Wang Jingtao said the sides agreed to licensed use of TikTok’s recommendation algorithm and to placing U.S. user data and content security under a third-party manager.
- The arrangement remains contingent on approvals from ByteDance and Chinese authorities, and it intersects with a U.S. law requiring divestiture or a potential ban after a deadline that falls on September 17 following prior extensions.
- Talks were held in Madrid led by Bessent and Vice Premier He Lifeng, as broader trade strains continue, including China’s deepened antitrust probe into Nvidia.