US Treasury Secretary Scott Bessent announced a framework deal for TikTok's US ownership, following trade talks in Madrid. The deal, agreed upon by both US and Chinese representatives, aims to transfer ownership from ByteDance to a US company, addressing US national security concerns. While commercial terms remain undisclosed, President Trump and Premier Xi are expected to finalize the deal soon. However, other trade issues, including fentanyl and Chinese investment restrictions, remain unresolved, and analysts caution about potential delays.

Prepared by Jonathan Pierce and reviewed by editorial team.