On Monday, US officials stated that they had reached a preliminary agreement with China on the sale of the social network TikTok, which will resolve one of the most contentious issues between the two largest economies in the world. As The New York Times writes, after two days of negotiations in Madrid, Treasury Secretary Scott Bessent announced that the parties had agreed on a 'framework agreement' for the sale of TikTok.
Bessent refused to disclose any details, stating that all details will be published on September 19, when US President Donald Trump meets with Chinese President Xi Jinping. Earlier, Trump wrote on social media about reaching agreements on the sale of 'a certain company that the youth of our country really wanted to save'.
Trump set a deadline on Wednesday for the law requiring TikTok to separate from its Chinese owner, ByteDance, to take effect or be postponed; otherwise, the app will be banned in the US.
The president has already postponed the law's implementation three times. Last year, Congress passed a bipartisan law to ban TikTok in the country if it does not find another owner, due to concerns that the social media app's ties to China make it a threat to US national security.