Chinese and US authorities announced on Monday that they had achieved a framework agreement to transfer ownership of the short-video app TikTok to the US. This agreement will be verified during a call between Chinese President Xi Jinping and US President Donald Trump on Friday.
The possible agreement on the well-known social media platform, which has 170 million members in the US, was a unique development in the months-long negotiations between the top two economies in the world, which have aimed to diffuse a broad trade war that has unsettled international markets.
Following a meeting with Chinese negotiators in Madrid, US Treasury Secretary Scott Bessent stated that a deadline of September 17 that may have interfered with the US’s most popular social networking app pushed Chinese negotiators toward a possible agreement.
