MADRID — A tentative agreement has been struck between China and the United States over the future ownership of the short-video giant TikTok, US Treasury Secretary Scott Bessent announced after weekend trade talks in the Spanish capital.
Speaking at a press briefing, Bessent said the framework deal sets the stage for TikTok to shift to US ownership, pending a call scheduled for Friday between US President Donald Trump and Chinese Premier Xi Jinping to possibly finalise the arrangement.
“We are not going to talk about the commercial terms of the deal,” Bessent told reporters. “That’s between two private parties. But the commercial terms have been agreed upon.”
According to China’s official news agency Xinhua, Beijing’s trade envoy Li Chenggang confirmed that both sides had reached “basic framework consensus” to address TikTok-related concerns, reduce investment barriers, and promote broader economic cooperation.
The Madrid meeting marked the fourth round of trade negotiations since Trump reignited tariff tensions with China in April. Bessent hinted that a fifth round could follow “in the coming weeks,” with plans underway for a potential summit between Trump and Xi later this year or early next year.
The deal comes against the backdrop of years of scrutiny over TikTok’s Chinese parent company ByteDance, with Washington citing data privacy and national security concerns. During Joe Biden’s presidency, legislation was passed to bar TikTok in the US unless ByteDance sold its controlling stake. Trump, since returning to office, has repeatedly extended the deadline for a shutdown as talks advanced. The current reprieve expires Wednesday, just ahead of the leaders’ scheduled discussion.
Launched internationally in 2016, TikTok has since become a cultural juggernaut, fuelling trends, music hits, and careers for content creators worldwide. Its rise also spurred rivals like Instagram Reels and YouTube Shorts, while sparking debates over data sharing and the algorithm that powers its viral feed.
Officials from Beijing did not comment publicly after the Madrid session, but Chinese Vice Premier He Lifeng, who led the delegation, was seen smiling as he departed the venue — a sign, analysts say, that the long-running standoff over TikTok may finally be nearing resolution.
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