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The United States and China have finalized a framework agreement to transfer TikTok into American-controlled ownership, according to top US officials on Monday. President Donald Trump is scheduled to discuss the matter with Chinese President Xi Jinping on Friday.
Following a high-level meeting between US and Chinese officials in Madrid, US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer announced the agreement but withheld specific details regarding commercial terms.
Bessent stated that additional information would be disclosed after the call between Trump and Xi on Friday.
Trump remarked Monday that trade negotiations with China had gone very well and suggested a resolution regarding TikTok ownership might be imminent. “The big trade meeting in Europe between the United States and China has gone VERY WELL! It will be wrapping up soon,” he posted on his Truth Social platform.
He also indicated that an agreement was reached on a “certain” company, which he implied was highly valued by young Americans. “They will be very happy! I will speak with President Xi on Friday. Our relationship remains very strong!!!”
Earlier that day, a US official familiar with the negotiations mentioned that if China did not relent on its demands for lower tariffs and fewer technological restrictions as part of a divestiture deal, the US would proceed with banning TikTok.
US and Chinese delegations met in Madrid to discuss TikTok’s potential sale by Chinese owner ByteDance amid broader talks on tariffs and economic policy. If no action is taken, TikTok could be blocked in the US by September 17.
Representatives from both sides noted that China sought trade and technology concessions in exchange for agreeing to divest from TikTok.
“Our Chinese counterparts have come with a very aggressive ask,” Bessent said. “We are not willing to sacrifice national security for a social media app.”
The Madrid negotiations, a fourth round over four months, coincided with rising tensions amid US efforts to impose tariffs on Chinese imports linked to Russian oil purchases, which Beijing condemned as coercive.
Separately, China announced an investigation into Nvidia, alleging violations of anti-monopoly laws—a move seen as retaliation against US restrictions on the Chinese semiconductor industry. Bessent criticized the Nvidia probe, calling it poorly timed.
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