U.S. and China reach agreement for TikTok to pass into U.S. hands

The United States and China reached a framework agreement for TikTok to pass into U.S. hands, announced the Secretary of the Treasury, who participated in negotiations between the two countries in Madrid.

The framework agreement reached provides for TikTok to become U.S.-controlled property. Scott Bessent told reporters in Madrid, the scene of the round of negotiations.

"We have a framework for a TikTok deal (...) I think the framework is for it to switch to US-controlled ownership", Bessent indicated to reporters, who added that the pact will be finalized in a call on Friday between President Donald Trump and Xi Jinping.

After the information was shared, President Trump announced an agreement on a "certain company" as negotiations continue with China to resolve the dispute between the two countries over Chinese social networking giant TikTok. He also confirmed the call with Xi.

"The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL! It will be concluding shortly. A deal was also reached on a “certain” company that young people in our Country very much wanted to save. They will be very happy! I will be speaking to President Xi on Friday. The relationship remains a very strong one!!!" wrote Trump on Truth Social.

The latest extension granted by Trump regarding the sale of TikTok ends Sept. 17.