U.S. Treasury Secretary Scott Bessent was in Madrid, Spain, on the weeked for U.S.-China talks on trade, economic and national security issues, where leaders from both countries discussed ownership of TikTok.

A framework deal has been reached between China and the U.S. for the ownership of popular social video platform TikTok , U.S. Treasury Secretary Scott Bessent said after weekend trade talks in Spain.

Bessent said in a press conference after the latest round of trade talks between the world’s two largest economies concluded in Madrid that U.S. President Donald Trump and Chinese President Xi Jinping would speak Friday to possibly finalize the deal. He said the objective was to switch to U.S. ownership from China’s ByteDance.

“We are not going to talk about the commercial terms

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