U.S. Treasury Secretary Scott Bessent said the threat of a TikTok shutdown led Chinese negotiators to abandon demands for tariff concessions in return for the social media app divestment and allowed reaching a framework agreement in talks in Madrid on Monday.
The commercial terms of the agreement will preserve U.S. national security interests and the mobile app’s “Chinese characteristics,” he said, adding that the next U.S.-China talks were likely to come before a November 10 deadline for the expiration of the countries’ tariff truce and could result in another 90-day extension.
Bessent says TikTok ban threat won framework agreement with Chinese
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