THE United States and China have reached a framework deal on the ownership of social video platform TikTok, US Treasury Secretary Scott Bessent has said after weekend trade talks in Spain.

Mr Bessent told a press conference that US President Donald Trump and his Chinese counterpart Xi Jinping would speak on Friday to possibly finalise the agreement. He said the objective was to switch to US ownership from China’s ByteDance.

Chinese trade representative Li Chenggang told reporters that the sides had reached a “basic framework consensus” to resolve TikTok-related disputes, reduce investment barriers and promote related economic and trade co-operation.

The meeting in Madrid was the fourth round of US-China trade talks since Mr Trump launched a tariff war against Chinese goods in April.

A fifth round of negotiations is likely “in the coming weeks,” Mr Bessent said, with both governments planning for a possible Trump-Xi summit later this year or early next year to solidify a trade agreement.

Under Mr Trump’s predecessor Joe Biden, Congress and the White House approved a US ban on TikTok unless its Chinese parent company sold its controlling stake.

US officials cited China’s laws that require its companies to hand over data requested by the government.