(VOVWORLD) - US Treasury Secretary Scott Bessent said on Monday that a framework for a deal on TikTok had been reached in trade talks with the Chinese in Madrid that will pave the way for a switch to US ownership.
Bessent said further details will be determined in a meeting between President Donald Trump and President Xi Jinping when they speak this Friday.
The Chinese and US delegations engaged in candid, in-depth, and constructive talks based on mutual respect and equality regarding economic and trade issues of mutual concern, including TikTok, said Li Chenggang, China’s international trade representative with the Ministry of Commerce and Vice Minister of Commerce, at a briefing in Madrid on Monday.
He said, "During this meeting, the two sides engaged in candid and in-depth discussions on TikTok and relevant concerns of the Chinese side, and the two sides reached a basic framework consensus on resolving issues related to TikTok through cooperation, reducing investment barriers, and promoting relevant economic and trade cooperation."
Talks also covered tariffs, economic policy, money laundering, and fentanyl trafficking. Another round of US–China negotiations is expected in the coming weeks.