TikTok Deal 'Framework' Reached With China

Treasury Secretary Scott Bessent announced that the U.S. and China have reached a tentative 'framework' agreement on TikTok's U.S. operations, with Presidents Trump and Xi set to finalize details Friday. 'It's between two private parties, but the commercial terms have been agreed upon,' he said. The update comes two days before TikTok parent company ByteDance faces a Sept. 17 deadline to divest the platform's U.S. business or potentially be shut down in the country. The deadline may need to be pushed back yet again to get the deal signed. CNBC reports: Both President Donald Trump and Chinese President Xi Jinping will meet Friday to discuss the terms. Trump also said in a Truth Social post Monday that a deal was reached 'on a 'certain' company that young people in our Country very much wanted to save.'

Bessent indicated the framework could pivot the platform to U.S.-controlled ownership. China's lead trade negotiator, Li Chenggang, confirmed the framework deal was in place and said the U.S. should not continue to suppress Chinese companies, according to Reuters.

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