FX.co ★ U.S. and China Strike Framework Deal on TikTok Ownership

The United States and China announced a significant commercial agreement on Monday, leading to the transition of TikTok's ownership to U.S. stakeholders. A final endorsement of this agreement is anticipated during a scheduled call on Friday between President Trump and Chinese President Xi Jinping. Treasury Secretary Scott Bessent, having engaged in negotiations with Chinese delegates in Madrid, refrained from sharing detailed specifics of the agreement, including the status of TikTok’s algorithm. Chinese negotiator Li Chenggang acknowledged the preliminary agreement following "candid and thorough" discussions, noting an apparent U.S. openness to lowering investment restrictions. President Trump has extended the deadline for TikTok’s divestiture, with the current deadline now set for September 17. These negotiations coincide with China's initiation of an antitrust investigation into Nvidia, an action Secretary Bessent described as "poorly timed," though he characterized the talks as "respectful, comprehensive, and detailed." President Trump remarked on social media that the "big Trade Meeting" was "VERY WELL!" and emphasized that U.S.-China relations remain "very strong."