"The United States and China have reached a framework agreement to transfer TikTok's ownership to US control. Officials from both countries made the announcement on Monday. list of 4 itemsend of list The short-form video app was set to be banned in the US by Wednesday if its owner ByteDance did not agree to sell the company to a US-based operation or if the US did not extend a pause of the ban, which the White House has already done three times, most recently in June."
"US President Donald Trump applauded the deal, which will be confirmed when he discusses it with his Chinese counterpart President Xi Jinping on Friday. A deal was also reached on a certain company that young people in our Country very much wanted to save, Trump wrote on his social media platform Truth Social on Monday. The relationship remains a very strong one!!!"
"We're not going to talk about the commercial terms of the deal. It's between two private parties, but the commercial terms have been agreed upon, US Treasury Secretary Scott Bessent told reporters. Bessent and US Trade Representative Jamieson Greer, who was also part of the trade delegation in Madrid, said China wanted concessions on trade and technology in exchange for agreeing to divest from the popular social media app. Our Chinese counterparts have come with a very aggressive ask, Bessent said, adding, We are not willing to sacrifice national security for a social media app."
A framework agreement will transfer TikTok ownership to US control following joint US-China announcements. The app faced a Wednesday ban unless ByteDance sold to a US buyer or the ban pause was extended. President Trump praised the agreement and intends to confirm it with President Xi Jinping. The White House declined to disclose commercial terms negotiated during Madrid trade talks. US officials said China sought trade and technology concessions in exchange for divestment. US Treasury Secretary Scott Bessent emphasized that national security will not be sacrificed for a social media app. The divestment keeps TikTok operating in the US and may ease trade tensions.
Read at www.aljazeera.com
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