The US has reached a “framework” agreement with China for social media platform Tiktok, CNBC reported, citing Treasury Secretary Scott Bescent.
“It’s between two private parties, but the terms of commerciality have been agreed,” CNBC quoted Bescent as saying onstanding at a meeting between Madrid and the two countries on Monday.
The news comes just an hour after US President Donald Trump suggested the true social of his social media platform.
“A deal has also been made to “certain” companies that our country’s youths were very keen to save,” Trump said in the Post, adding that he will speak to China’s President Xi Jinping on Friday.
The Trump post comes just days before the fourth Tiktok ban deadline on September 17th. This is because delegations from both countries met in Madrid today to discuss economic policies. In June, the president indicated that he had found a group of Tiktok buyers.
Earlier on Monday, Reuters reported that the US is ready to ban social media apps if China fails to withdraw its demand to reduce tariffs and relax restrictions on its technology.
The United States banned Tiktok on January 19th after federal law signed by former President Joe Biden came into effect. But Trump has signed several executive orders since taking office to keep the app working domestically.
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