The US Treasury Secretary Scott Bessent announced a "framework" deal with China regarding the ownership of TikTok's American operations, aiming to resolve the impending sale deadline. US President Donald Trump and Chinese President Xi Jinping are expected to finalize the agreement on Friday.

• The deal was reached during trade talks in Madrid, with Bessent stating that the threat of a US shutdown of TikTok led Chinese negotiators to drop demands for reduced tariffs.
• Key figure involved: Scott Bessent, US Treasury Secretary, and Li Chenggang, China's top trade negotiator.
• A previous US Supreme Court ruling in January upheld a law passed in April 2024, mandating the sale of TikTok's US division or face a ban, citing national security concerns over user data.