The U.S. and China agreed on a framework deal to allow TikTok to keep operating in the U.S. amid trade negotiations as the social media app faced being shut down as early as Wednesday without action.
“The framework for a switch to a U.S.-controlled ownership,” Bessent told reporters in Madrid following two days of negotiations with the Chinese delegation.
President Donald Trump is planning to hold a phone call with Chinese President Xi Jinping on Friday to finalize the deal.
U.S. Trade Representative Jamieson Greer said that there may be a short extension of the Sept. 17 deadline, while Bessent added that “It would not have been extended without a framework.”
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Bessent previously said that China sought concessions from the U.S. on trade and technology policy in exchange for divesting from TikTok.
“Our Chinese counterparts have come with a very aggressive ask,” Bessent said, while the treasury secretary added, “We are not willing to sacrifice national security for a social media app.”
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Trump took to his Truth Social platform to say that, “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,” Trump added. “The relationship remains a very strong one!!!”
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Last year, Congress enacted a law signed by then-President Joe Biden that banned TikTok and other apps controlled by foreign adversaries. After it survived a Supreme Court challenge, the law took effect on Jan. 19, 2025, though it allowed a 90-day extension.
The app was banned amid national security concerns over the Chinese government’s access to user data and its ability to serve as a platform for foreign influence operations.
TikTok’s China-based parent company, ByteDance, refused to sell the social media platform and after President Trump took office, he issued an initial 75-day delay in enforcing the law.
Trump then provided another 75-day extension in April – when a dispute over tariffs derailed a pending deal on TikTok’s divestment – followed by a 90-day delay in June that was due to expire this week.
Reuters contributed to this report.
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