ISTANBUL

US Treasury Secretary Scott Bessent confirmed on Monday that negotiators have reached a framework deal for the ownership of TikTok, with presidents Donald Trump and Xi Jinping scheduled to speak Friday to approve the agreement.

"We have a framework for a TikTok deal," Bessent said following trade talks in Madrid.

TikTok faces a Sept. 17 deadline for ByteDance to divest its US operations or face a nationwide ban due to national security concerns over potential data sharing with Beijing.

Bessent also announced plans for additional trade negotiations "in about a month, again at a different location."

Trump earlier confirmed he will speak with Xi on Friday, and that a deal had been reached with China on a "certain company" that young Americans "very much wanted to save." He said young people would be "very happy" with the outcome and appeared to reference the social media app TikTok without naming it.