(CNN) — A deal has been reached between the Trump administration and China to keep TikTok operational in the United States, administration officials announced Monday, concluding a yearslong effort that began during President Donald Trump’s first term.

US Treasury Secretary Scott Bessent said that a framework agreement has been reached, and Trump will meet with Chinese leader Xi Jinping Friday to finalize the deal.

“President Trump played a role in this, we had a call with him last night, we had specific guidance from him we shared it with our Chinese counterparts,” Bessent said in Madrid on Monday. “Without his leadership and the leverage he provides, we would not have been able to include the deal today.”

The Trump administration did not name the US-backed buyer, but the group is wide

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