Summary
The United States and China have agreed on a framework to transfer TikTok's ownership to a U.S.-controlled entity. This agreement could prevent the app's ban in the U.S., which was set to happen if its owner, ByteDance, didn't sell its U.S. operations. U.S. President Donald Trump and Chinese President Xi Jinping will discuss the deal further.
Key Facts
- The U.S. and China announced a framework agreement for TikTok to become a U.S.-controlled company.
- The potential ban on TikTok was postponed as the U.S. awaits the deal's finalization.
- President Trump plans to discuss the agreement with China's President Xi Jinping.
- The White House has not shared specific details of the deal.
- The agreement involved trade talks between the two countries in Madrid.
- China sought trade and technology concessions in exchange for TikTok's divestment.
- The deal aims to ease trade tensions and fosters further discussions between the U.S. and China.
- The initial ban on TikTok was proposed by President Trump in August 2020.
