The U.S. and China have reached a "framework" deal for social media platform TikTok , Treasury Secretary Scott Bessent said Monday.

"It's between two private parties, but the commercial terms have been agreed upon," he said from U.S.-China talks in Madrid.

Both President Donald Trump and Chinese President Xi Jinping will meet Friday to discuss the terms. Trump also said in a Truth Social post Monday that a deal was reached "on a 'certain' company that young people in our Country very much wanted to save."

Bessent indicated the framework could pivot the platform to U.S.-controlled ownership.

TikTok did not immediately respond to a request for comment.

China's lead trade negotiator, Li Chenggang, confirmed the framework deal was in place and said the U.S. should not continue

See Full Page