US, China have reached ‘framework’ on TikTok deal – Business News
Treasury Secretary Scott Bessent mentioned Monday that a “framework” on a deal to switch TikTok to US possession has been reached — as a attainable ban looms this week over the wildly well-liked, China-owned app.
President Trump on Monday touted upbeat negotiations on social media after Bessent mentioned particulars quickly can be ironed out between Trump and Chinese Premier Xi Jinping, who’re anticipated to talk on Friday.
“The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL! It will be concluding shortly,” Trump wrote Monday in a post on Truth Social.
Treasury Secretary Scott Bessent speaks to reporters alongside US Trade Representative Jamieson Greer. REUTERS
A “framework” on a deal to switch TikTok to US possession has been reached, in response to Bessent. Shi – stock.adobe.com
“A deal was also reached on a ‘certain’ company that young people in our Country very much wanted to save. They will be very happy!”
Delegations from the US and China have been discussing the divestment of TikTok from its Chinese proprietor, ByteDance, during broader commerce talks in Madrid this week — the fourth spherical of talks in 4 months.
“We were very focused on TikTok and making sure that it was a deal that is fair for the Chinese and completely respects US national security concerns, and that’s the deal we reached,” Bessent mentioned.
The US wished to “ensure that the Chinese have a fair investment environment in the United States, but always that US national security comes first,” Bessent added.
Washington had been ready to push ahead with a TikTok ban as quickly as Wednesday if China didn’t drop its calls for for decrease tariffs and decreased tech restrictions, in response to a Reuters report.
“President Trump and Vice President Vance provided the leadership and foresight necessary to produce a framework deal that keeps another one of their campaign promises and saves TikTok,” a spokesperson for Vice President JD Vance informed The Post.
“Hundreds of millions of Americans will now be able to continue to safely enjoy the highly popular app thanks to the president’s decisive leadership.”
Vance, Trump, Bessent and US Trade Representative Jamieson Greer spoke on a call Sunday concerning the TikTok deal, a White House official informed The Post.
Washington had been ready to push ahead with a TikTok ban, in response to a Reuters report. Christopher Sadowski
“Our Chinese counterparts have come with a very aggressive ask,” Bessent informed reporters earlier Monday.
“We are not willing to sacrifice national security for a social media app.”
Meanwhile, Beijing accused the US of “bullying” after it demanded its allies place tariffs on Chinese imports as punishment for the nation’s purchases of Russian oil.
“This is a typical act of unilateral bullying and economic coercion, a serious violation of the consensus reached by the Chinese and US heads of state in their phone call, and could severely impact global trade as well as the stability of industrial and supply chains,” a Chinese Commerce Ministry spokesperson mentioned during a press convention earlier Monday.
Senior US and Chinese officers meet to debate commerce points on Sunday in Madrid, Spain. through REUTERS
In June, Trump prolonged a deadline by 90 days to Sept. 17 for TikTok to change to US possession.
The wildly well-liked video-sharing app — utilized by 170 million Americans — briefly went darkish for US customers in January.
US lawmakers have sought to close down the app over national security issues, alleging it’s a spying and propaganda software for the Chinese authorities.
The delegations final met in Stockholm in July, once they agreed to increase their commerce truce on decrease tariffs by 90 days and restart rare-earth exports from China to the US.
People collect on Capitol Hill in Washington, DC, to protest a TikTok ban. AFP through Getty Images
However, the Supreme Court is taking up a case that might ban the overwhelming majority of Trump’s tariffs, after decrease courts ruled he overstepped his authority when imposing the levies.
Adding to commerce tensions, China on Monday accused US chipmaking giant Nvidia of violating its anti-monopoly law.
