Framework deal is breakthrough in long-running dispute over app’s ownership amid security concerns in Washington
Jamieson Greer, a US trade representative, said on Monday that Washington and Beijing have struck a framework agreement on transferring TikTok to US-controlled ownership.
Speaking after emerging from negotiations with Chinese officials, Scott Bessent said the deal was coming but declined to reveal the commercial terms.
“We have a framework for a TikTok deal,” the treasury secretary told reporters after coming out of high-level talks in Madrid. “We’re not going to talk about the commercial terms of the deal. It’s between two private parties, but the commercial terms have been agreed upon.” Bessent added that the Chinese team had made “aggressive asks” during negotiations, but did not explain what they were.
Li Chenggang, the top Chinese trade negotiator, confirmed later on Monday that two sides had reached a basic framework consensus on resolving issues related to TikTok through cooperation, reducing investment barriers and promoting trade. Li said friction between the two economic giants was normal, but warned Washington against continued “suppression” of Chinese companies.
