The US and China have reached a “framework” deal to divest TikTok from its Chinese parent company, Treasury Secretary Scott Bessent told reporters during trade talks in Madrid on Monday. As noted by Reuters, Bessent confirmed that “the framework is for a switch to a U.S.-controlled ownership.” He said Trump will confirm the deal with Chinese President Xi Jinping on Friday — two days after the latest deadline to sell or ban the app.

The preliminary deal comes after months of rocky negotiations between TikTok and the Trump administration. The app faced a ban in January, but President Donald Trump granted TikTok an extension to work out a deal to sell its operations in the US, as required by the Protecting Americans from Foreign Adversary Controlled Applications Act. Trump granted TikTok two

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