According to the Trump administration, a TikTok deal has been reached with China

Scott Bessent, the Secretary of the Treasury, announced on Monday that Washington and Beijing had reached a "framework for a TikTok deal." This was only days before another deadline that could have led to the app being banned in the US.

Scott Bessent, the US Treasury Secretary, announced that a framework agreement had been achieved. Trump will talk to Chinese President Xi Jinping on Friday to seal the accord.

The Trump government didn't identify the US-backed bidder, but many people think that Oracle executive chairman Larry Ellison, who briefly became the world's richest person last week, will lead the group. In January, Trump suggested he would back Ellison, a Trump supporter, in buying the app's US assets.

Chinese Vice Minister of Commerce Li Chenggang confirmed the two sides reached a “basic framework consensus properly resolving TikTok-related issues through cooperative means, reducing investment barriers, and promoting relevant economic and trade cooperation,” according to Xinhua, China’s state-run news agency.

Bessent and Li's comments occurred right after President Donald Trump wrote on Truth Social that a deal had been made to preserve a "company that young people in our country really wanted to save." Trump added that he would be speaking to Chinese President Xi Jinping on Friday.

Trump has pushed back the date he set for himself several times to achieve a deal with China to sell at least part of TikTok parent firm ByteDance's US TikTok business to an American-backed owner. A bipartisan bill passed by Congress and signed by former President Joe Biden banned TikTok in the United States because of national security concerns, allowing the app to continue operating in America only if its China-based owner divested its stake in the US assets of the social media company.