Tech
U.S. and China reach TikTok deal framework agreement
U.S. negotiators outline TikTok deal with China, paving way for Trump-Xi summit amid escalating tensions over tech and trade
U.S. negotiators outline TikTok deal with China, paving way for Trump-Xi summit amid escalating tensions over tech and trade
In Short:
– U.S. and Chinese negotiators have agreed on a TikTok framework to prevent its U.S. ban.
– A consortium will acquire TikTok, but detailed terms remain private and no further extensions will be granted.
– U.S. and Chinese negotiators have agreed on a TikTok framework to prevent its U.S. ban.
– A consortium will acquire TikTok, but detailed terms remain private and no further extensions will be granted.
U.S. and Chinese negotiators have reached a framework agreement regarding TikTok after two days of discussions in Madrid.
The deal is intended to prevent the impending ban of the video-sharing app in the U.S. and will be finalised following a call between President Trump and Chinese leader Xi Jinping.As the negotiations unfolded, China intensified its regulatory actions against U.S. chip company Nvidia, providing political support for the TikTok agreement.
Previously, Beijing resisted U.S. demands for TikTok’s Chinese parent company, ByteDance, to divest control, but a shift in stance correlates with China’s aim to secure a state visit from Trump.
Ownership Transition
Negotiators reached an agreement on a consortium of investors acquiring TikTok, although detailed commercial terms remain private.
U.S. Trade Representative Jamieson Greer affirmed that the deal won’t face further extensions despite previous delays. Both nations have been in negotiations since January, with trade issues between them persisting, including topics like soybean imports and fentanyl.
