The United States has reached a framework deal with China concerning the social media platform TikTok, according to a CNBC report. The news outlet cited Treasury Secretary Scott Bessent, who stated that the commercial terms have been agreed upon between two private parties. He made these remarks on the sidelines of a meeting between the two countries in Madrid.
This development follows a social media post from U.S. President Donald Trump on his platform, Truth Social, where he hinted that a deal had been reached for the short-video app. In his post, Trump referred to an agreement on a certain company that young Americans very much wanted to save and noted he will speak with China’s President Xi Jinping on Friday.
Trump’s comments arrive just days before a fourth TikTok ban deadline on September 17. Delegations from both nations met in Madrid to discuss economic policy. Earlier in June, the President indicated he had found a group of buyers for TikTok.
Also on Monday, Reuters reported that the U.S. was prepared to ban the social media app if China did not withdraw its demands for a reduction in tariffs and a loosening of limits around its technology.
The U.S. initially banned TikTok on January 19 after a federal law signed by former President Joe Biden went into effect. However, since taking office, President Trump has signed multiple executive orders to delay enforcement and keep the app operational in the country.