MADRID — A tentative settlement has been struck between China and the USA over the longer term possession of the short-video big TikTok, US Treasury Secretary Scott Bessent introduced after weekend commerce talks within the Spanish capital.
Talking at a press briefing, Bessent mentioned the framework deal units the stage for TikTok to shift to US possession, pending a name scheduled for Friday between US President Donald Trump and Chinese language Premier Xi Jinping to presumably finalise the association.
“We’re not going to speak concerning the business phrases of the deal,” Bessent informed reporters. “That’s between two non-public events. However the business phrases have been agreed upon.”
In keeping with China’s official information company Xinhua, Beijing’s commerce envoy Li Chenggang confirmed that either side had reached “primary framework consensus” to handle TikTok-related considerations, cut back funding boundaries, and promote broader financial cooperation.
The Madrid assembly marked the fourth spherical of commerce negotiations since Trump reignited tariff tensions with China in April. Bessent hinted {that a} fifth spherical may comply with “within the coming weeks,” with plans underway for a possible summit between Trump and Xi later this 12 months or early subsequent 12 months.
The deal comes in opposition to the backdrop of years of scrutiny over TikTok’s Chinese language dad or mum firm ByteDance, with Washington citing information privateness and nationwide safety considerations. Throughout Joe Biden’s presidency, laws was handed to bar TikTok within the US except ByteDance offered its controlling stake. Trump, since returning to workplace, has repeatedly prolonged the deadline for a shutdown as talks superior. The present reprieve expires Wednesday, simply forward of the leaders’ scheduled dialogue.
Launched internationally in 2016, TikTok has since turn into a cultural juggernaut, fuelling traits, music hits, and careers for content material creators worldwide. Its rise additionally spurred rivals like Instagram Reels and YouTube Shorts, whereas sparking debates over information sharing and the algorithm that powers its viral feed.
Officers from Beijing didn’t remark publicly after the Madrid session, however Chinese language Vice Premier He Lifeng, who led the delegation, was seen smiling as he departed the venue — an indication, analysts say, that the long-running standoff over TikTok could lastly be nearing decision.
