Tiktok Deal Framework reaches with China, say American officials – National

A framework agreement has been reached between China and the US for the ownership of the popular social video platform TapSaid the American Minister of Finance Scott Bessent after Weekendhandel in Spain.

In a press conference after the final round of commercial interviews between the world’s top two economies, Bessent said in Madrid in Madrid that US President Donald Trump and Chinese Prime Minister Xi Jinping would speak on Friday to possibly complete the deal. He said that the goal of the deal would be to switch to American ownership.

“We’re not going to talk about the commercial conditions of the deal,” Bessent said. “It is between two private parties. But the commercial conditions have been agreed.”

Li Chenggang, the international trade representative of China, said that the two parties have reached “basic framework consensus” to properly resolve Tiktok-related issues in a cooperative way, to reduce investment barriers and promote related economic and trade cooperation, according to the official news agency Xinua van China.

Li said that the two parties had ‘candid, in -depth’ discussions about ticktok and worries about China.

The Madrid meeting is the fourth round of trade discussions between the American and Chinese officials since Trump has launched a rate war for Chinese goods in April. A fifth negotiating round will probably happen ‘in the coming weeks’, Bessent said, with both governments being planning later this year or early next year to plan a possible top between Trump and XI to strengthen a trade agreement.

However, nothing has been confirmed and analysts say that potential commercial humps can delay the visit.

Chinese officials did not immediately spoke with the media after the Madrid interviews, but the Chinese vice prime minister he lifeng, who led the Chinese delegation, was smiling when he left the location.

During the Democratic presidency of Joe Biden, the congress and the White House used national security grounds to approve a US ban on TIKTOK, unless her parent company, Bytedance, sold his controlling interest.

Trump, a Republican, has repeatedly expanded the deadline for closing Tiktok, although the law allows only one postponement of 90 days, and only if there is a deal on the table and a formal notification for the congress.

The current extension proceeds on Wednesday, two days before Trump and XI are planned to discuss the final details of the framework agreement. Although Trump has not directly tackled the upcoming deadline, he has claimed that he can delay the prohibition for an indefinite period of time.

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Tiktok is one of the more than 100 apps developed in the past decade by Bytedance, a technology company founded in 2012 by Chinese entrepreneur Zhang Yiming and his headquarters in north -western Haidian in Beijing.

In 2016, Bytedance launched a short video video platform called Douyin in China and followed an international version called Tiktok. Then the musical.ly, a LIP synchronization platform that is popular with teenagers in the US and Europe, bought it with Tiktok while the app kept Douyin separate.

Shortly thereafter, the app flourished in popularity in the US and many other countries and became the first Chinese platform that makes serious entry into the West. In contrast to other social media platforms that focused on cultivating connections between users, Tiktok is tailor -made content on the interests of people.

The often crazy videos and music clips that content makers placed gave Tiktok an image as a sunny corner of the internet where users could find pleasure and a feeling of authenticity. Finding an audience on the platform helped to launch the career of music artists such as Lil Nas X.

Tiktok got more grip during the closure of the COVID-19 Pandemie, when short dances that went viral became a mainstay of the app. To compete better, Instagram and YouTube eventually came out with their own tools for making short videos, known as Haspels and Shorts respectively. At that moment Tiktok was a bona fide hit.

Challenges came together with the success of Tiktok. American officials expressed their concern about the roots and ownership of the company and point to laws in China that require Chinese companies to hand over data requested by the government. Another concern became the patented algorithm that populates what users see in the app.

Boak reported from Washington. Associated Press Writers Didi Tang and Mark Sherman in Washington contributed to this report.

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