The U.S. and China on Monday reached a commercial agreement that would place short-video app TikTok under U.S. ownership, with final approval expected during a Friday call between President Trump and Chinese President Xi Jinping. Treasury Secretary Scott Bessent, after a meeting with Chinese negotiators in Madrid, declined to disclose details, including whether TikTok's algorithm would be included. Chinese negotiator Li Chenggang confirmed a framework deal after "candid, in-depth" exchanges, adding the U.S. showed willingness to reduce investment barriers. Trump extended the deadline for...
The European Union is falling further behind global rivals on growth and governments are failing to grasp the urgency to act, former European Central Bank president and Italian prime minister Mario Draghi said on Tuesday. Draghi, who delivered a far-reaching report on EU competitiveness at the European Commission's request 12 months ago, said the EU's growth model was "fading fast", vulnerabilities were mounting and there was no clear path to financing necessary investments. Draghi said the bloc had come up with ambitious plans, but it was moving ahead too slowly and governments had "not...
Both President Donald Trump and Chinese President Xi Jinping will speak on Friday to discuss the terms. Trump also said in a Truth Social post Monday that a deal was reached "on a ‘certain' company that young people in our Country very much wanted to save." Bessent indicated the framework could pivot the platform to U.S.-controlled ownership. TikTok did not immediately respond to a request for comment. China's lead trade negotiator, Li Chenggang, confirmed the framework deal was in place and said the U.S. should not continue to suppress Chinese companies, according to Reuters. The...