Little is known about the actual deal in the works, including what companies are involved and whether the U.S. would have a stake in TikTok.
TikTok users in the U.S. may get a reprieve from the threat of a shutdown after the Trump administration announced it has reached a framework deal with China for the ownership of the popular social video platform.
U.S. Treasury Secretary Scott Bessent said in a press conference after the latest round of trade talks between the world’s top two economies concluded in Madrid that U.S. President Donald Trump and Chinese Premier Xi Jinping would speak Friday to possibly finalize the deal. He said the objective of the deal would be to switch to American ownership.
He did not disclose the terms of the deal, saying that it is between two private parties, but added that “the commercial terms have been agreed upon.”What is the deal?
Little is known about the actual deal in the works, including what companies are involved and whether the United States would have a stake in TikTok. Li Chenggang, China’s international trade representative, said the two sides have reached “basic framework consensus” to properly solve TikTok-related issues in a cooperative way, reduce investment barriers and promote related economic and trade cooperation, according to China’s official news agency Xinhua.
Oracle Corp. has been floated as a likely buyer for the platform. Representatives for the company did not immediately respond to a message for comment on Monday.
In Madrid, U.
