A framework deal has been reached for the ownership of popular social video platform TikTok, U.S. Treasury Secretary Scott Bessent said after weekend trade talks between the United States and China in Spain.

Bessent said in a press conference after the latest round of trade talks between the world’s top two economies concluded in Madrid that U.S. President Donald Trump and Chinese Premier Xi Jinping would speak on Friday to possibly finalize the deal.

Bessent said that the objective of the framework deal on the social media platform would be to switch to U.S. ownership.

“We are not going to talk about the commercial terms of the deal,” Bessent said. “It’s between two private parties. But the commercial terms have been agreed upon.”

Chinese officials have yet to confirm Bessent’s statem

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