The US has reached an agreement with China on the ownership of TikTok, US Treasury Secretary Scott Bessent said after the conclusion of trade talks between the two sides in Madrid on Monday, UNN reports with reference to The Guardian.
Details
"We are not going to talk about the commercial terms of the deal. It is between two private parties, but the commercial terms have already been agreed upon," Bessent said.
He said the details would be ironed out when Trump speaks with Chinese leader Xi Jinping on Friday.
Trump announces conversation with Chinese leader on Friday15.09.25, 15:45
"We had very good talks. We preferred to continue discussions on TikTok, we will have trade talks again in about a month in a different location," he added.
"We believe we have a deal. It just depends on the leaders' approval," said US Trade Representative Jamieson Greer.
"We are not going to have constant extensions. We have a deal. You know, if some extension is needed just to sign it and so on, that's one thing, but there will simply be no constant extensions," he noted.
This was the fourth round of negotiations after Geneva, London, and Stockholm.
US President Donald Trump earlier hinted at a breakthrough, saying that "an agreement has also been reached on 'a certain' company that young people in our country very much wanted to save," on his Truth Social platform.
Trade tensions escalated sharply earlier this year, with tit-for-tat tariffs reaching triple digits and disrupting supply chains.
The Trump administration is expected to again extend the deadline set for China's ByteDance to sell or shut down the US assets of the short video app TikTok, a source familiar with the situation told Reuters.
This will be the fourth extension granted by Trump to the federal government in connection with the implementation of the law, which originally gave ByteDance until January 2025 to sell or shut down the popular social network.