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 remarks came during the latest round of trade discussions between the U.S. and China. Relations have soured between the two countries in recent months from Trump's tariffs and other trade restrictions.
At the same time, TikTok parent company ByteDance faces a Sept. 17 deadline to divest the platform's U.S. business or potentially be shut down in the country.
U.S. Trade Representative Jamieson Greer said Monday that the deadline may need to be pushed back to get the deal signed, but there won't be ongoing extensions.
Source: Investing.com
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