TikTok has been facing a ban in the US since Wednesday

The threat of TikTok being banned in the US seems to have been averted for the time being after Washington and Beijing reached a framework agreement during negotiations in Madrid.
According to US Treasury Secretary Scott Bessent, part of the agreement involves transferring ownership of the app to US companies, which would allow it to continue operating after September 17, the date on which it was threatened with a ban.

US Trade Representative Jamieson Greer did not rule out the possibility that this deadline could be extended briefly. Donald Trump and Chinese President Xi Jinping are also scheduled to hold talks on Friday.

“The big trade talks in Europe between the United States of America and China went VERY WELL! They will soon be concluded,” the US president wrote on his TruthSocial platform.

The US had already threatened on Monday to ban the popular social media app if China did not withdraw its demands for concessions on tariff reductions and technological restrictions as part of the sales agreement.

Bessent specified that another round of negotiations would likely take place in the coming days to discuss trade and economic policy issues.

Both sides also discussed opportunities for cooperation in combating money laundering and the illegal trade in fentanyl.

(reuters, max)