Washington: The US and China have reached a “deal” to divest the American operations of social media giant TikTok, with US President Donald Trump and his Chinese counterpart Xi Jinping to speak on Friday to finalise the long-standing matter.

The announcement came after an American delegation led by US Treasury Secretary Scott Bessent met Chinese Vice Premier He Lifeng in Madrid for another round of trade talks between the world’s two largest economies.

Treasury Secretary Scott Bessent called the TikTok agreement with China as a framework rather than a final deal. Credit: AP

“The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL!” Trump posted on social media.

“A deal was also reached on a ‘certain’ company that young people in our Coun

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