Treasury Secretary Scott Bessent said on Monday that the United States and China have struck a “framework for a TikTok deal.” The announcement comes just days before another deadline that could have banned the popular app in the United States.

Bessent, who is in Madrid for trade talks with China, said President Trump and China’s President Xi Jinping will speak on Friday to “complete” the details. Bessent himself offered few details about the agreement, including a key sticking point about who would control TikTok’s algorithm (which dictates what users see on the app). Bessent said: “we’re not going to talk about the commercial terms of the deal, it’s between two private parties, but the commercial terms have been agreed upon.”

Bessent continued: “We were very focused on TikTok and making sure that it was a deal that is fair for the Chinese and completely respects U.S. national security concerns, and that’s the deal we reached,” He added that the U.S. wanted to “ensure that the Chinese have a fair investment environment in the United States, but always that U.S. national security comes first.”

Acording to Xinhua, China’s state-run news agency, Chinese Vice Minister of Commerce Li Chenggang confirmed the two sides reached a “basic framework consensus properly resolving TikTok-related issues through cooperative means, reducing investment barriers, and promoting relevant economic and trade cooperation.”

Earlier on Monday, Trump posted on his Truth Social platform that an ongoing trade meeting between the United States, Europe and China is going well, and said that he’ll be speaking with President Xi Jinping on Friday. Trump teased that a deal was reached over TikTok, but did not provide any more details, writing: “A deal was also reached on a ‘certain’ company that young people in our Country very much wanted to save. They will be very happy! I will be speaking to President Xi on Friday. The relationship remains a very strong one!!! President DJT”

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