Treasury Secretary Scott Bessent said Monday that a “framework” on a deal to transfer TikTok to US ownership has been reached – as a possible ban looms this week over the wildly popular, China-owned app.
President Trump on Monday touted upbeat negotiations on social media after Bessent said details soon would be ironed out between President Trump and Chinese Premier Xi Jinping, who are expected to speak 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.
“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 owner ByteDance during broader trade talks in Madrid this week – the fourth round of talks in four 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 said.
The US wanted 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 prepared to push forward with a TikTok ban as soon as Wednesday if China did not drop its demands for lower tariffs and reduced tech restrictions, according to a Reuters report.
The White House did not immediately respond to The Post’s request for comment.
“Our Chinese counterparts have come with a very aggressive ask,” Bessent told reporters earlier on 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 said during a press conference earlier on Monday.
In June, Trump extended a deadline by 90 days to Sept. 17 for TikTok to switch to US ownership.
The wildly popular video-sharing app – used by 170 million Americans – briefly went dark for US users in January.
US lawmakers have sought to shut down the app over national security concerns, alleging it is a spying and propaganda tool for the Chinese government.
The delegations last met in Stockholm in July, where they agreed to extend their trade truce on lower tariffs by 90 days and restart rare-earth exports from China to the US.
However, the Supreme Court is now taking up a case that could ban the vast majority of Trump’s tariffs, after lower courts ruled he overstepped his authority when imposing the taxes.
Adding to trade tensions, China on Monday accused US chipmaking giant Nvidia of violating its anti-monopoly law.
