TikTok ‘framework’ deal overshadows U.S.-China trade talks– www.cnbc.com
U.S. and Chinese trade negotiations concluded in Spain Monday, after two days of talks on several sticking points ranging from tariff rates, export controls and the imminent deadline for a divestment of Chinese-owned TikTok.
Talks on trade were overshadowed by a “framework” deal regarding the social media platform, announced by Treasury Secretary Scott Bessent Monday.
“It’s between two private parties, but the commercial terms have been agreed upon,” he said from U.S.-China talks in Madrid. Both President Donald Trump and Chinese President Xi Jinping will speak on Friday to discuss the terms.
The news comes ahead of a Wednesday deadline to either divest TikTok’s U.S. business or shut down the social media app in the country.
Bessent led negotiations alongside Trade Representative Jamieson Greer on the U.S. side, with the Chinese represented by Vice Premier He Lifeng and top trade negotiator Li Chenggang.