Treasury Secretary Scott Bessent said Monday that the U.S. and China have a “framework” for a deal to divest TikTok from its current owner, according to The New York Times.

The app is currently owned by ByteDance, a Chinese company.

President Donald Trump and China’s leader Xi Jinping will speak Friday to approve the deal, the Times said . Bessent described the deal as an agreement between “two private parties” that would shift the social media app to U.S.-controlled ownership.

“President Trump played a role in this, we had a call with him last night, we had specific guidance from him we shared it with our Chinese counterparts,” Bessent said in Madrid on Monday, according to CNN . “Without his leadership and the leverage he provides, we would not have been able to include the deal t

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