Bessent says TikTok ban threat won framework agreement with Chinese

U.S. Treasury Secretary Scott Bessent said the threat of a shutdown of TikTok 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 US national security interests and the mobile app's "Chinese characteristics", he said, adding that the next US-China talks could result in another 90-day roll-over of the tariff truce before the November 10 deadline, he added in an interview with Reuters and Bloomberg.