US and China Reach Framework Agreement on TikTok

US and China have reached a framework agreement on the future of TikTok, US Treasury Secretary Scott Bessent announced on Monday.

The deal was concluded in Madrid, following two days of broader talks on tariffs and economic policies between the two countries. 

Under the framework, TikTok will continue to operate in the US, where it faced a possible shutdown on September 17 unless transferred to American ownership.

“The framework is for a transition to US ownership,” Bessent told reporters, without offering further details. US Trade Representative Jamison Greer added that a short extension beyond the September 17 deadline may be granted to finalize the agreement.

Bessent noted that the extension “would not have been possible without a framework,” and confirmed that President Donald Trump and Chinese President Xi Jinping are scheduled to speak on Friday.

Beijing confirmed on Monday that both sides had reached a “general understanding” on TikTok during the Madrid talks. 

“A framework has been reached to resolve issues concerning TikTok through cooperation,” said Chinese trade official Li Xingang, according to state broadcaster CCTV.

Chinese Vice Premier also stressed that China would “firmly defend its national interests as well as the legitimate rights of Chinese companies investing abroad,” Xinhua reported.