By JOSH BOAK, Associated Press

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 U.S. and China in Spain.

Bessent said in a press conference after the latest round of trade talks between the worlds 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 US ownership. Bessent said that Trump and Xi would speak on Friday to complete the deal.

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

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