US, China reach framework deal on TikTok; Trump and Xi to speak on Friday

The United States and China have reached a framework agreement to switch short-video app TikTok to U.S.-controlled ownership, top U.S. officials said on Monday, with President Donald Trump set to speak with Chinese President Xi Jinping on Friday.

U.S. Treasury Secretary Scott Bessent and U.S. Trade Representative Jamieson Greer announced the agreement after a meeting between senior U.S. and Chinese officials in Madrid, but declined to give any of the commercial terms of the agreement.

Bessent told reporters that further details would wait to be determined in a call on Friday between Trump and Xi.

Speaking to reporters earlier, Bessent and Greer said China wanted concessions on trade and technology in exchange for agreeing to divest from the popular social media app.