The U.S. and China have reached a framework agreement on the future of TikTok’s ownership, Treasury Secretary Scott Bessent announced after weekend trade talks in Madrid. The deal, aimed at shifting the popular short-video app to U.S. ownership, could be finalized in a call between President Donald Trump and Chinese Premier Xi Jinping on Friday. The deadline for ByteDance to sell its controlling stake expires Wednesday, adding pressure to ongoing negotiations. TikTok’s rapid rise and data security concerns have made it a flashpoint in U.S.-China relations.

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