U.S. has 'framework' for TikTok deal with China

Treasury Secretary Bessent said the U.S. and China had struck a "framework for a TikTok deal," days before a deadline that could have banned the app in the U.S.

Treasury Secretary Scott Bessent said Monday that Washington and Beijing had struck a "framework for a TikTok deal," days before another deadline that could have banned the popular social media app in the United States.

Bessent offered few details about the agreement. On a key sticking point about who would control TikTok's algorithm, which dictates what users see on the app, he said: “We’re not going to talk about the commercial teams of the deal. It’s between two private parties, but the commercial terms have been agreed upon.”

He did not indicate which parties he was referring to.

Chinese Vice Premier He Lifeng and Treasury Secretary Scott Bessent during trade talks in Madrid on Sunday.U.S. Treasury via Reuters“We were very focused on TikTok and making sure that it was a deal that is fair for the Chinese and completely respects U.S. national security concerns, and that’s the deal we reached,” Bessent said. He added that the United States wanted to “ensure that the Chinese have a fair investment environment in the United States but always that U.S. national security comes first.”

Bessent spoke from Madrid, where he was meeting with a Chinese delegation to discuss ongoing trade tensions between the two superpowers. Just before his remarks, China announced it had found computer chip giant Nvidia in violation of its antitrust laws over a 2020 deal.