US and China Near TikTok Deal

The United States and China appear to be nearing a breakthrough in their long-running dispute over TikTok, as Treasury Secretary Scott Bessent announced in Madrid that the two sides are “very close” to resolving the issue.

Chinese Vice Premier He Lifeng is leading Beijing’s delegation in trade and technology talks, which also address tariffs and strained supply chains.

TikTok, owned by ByteDance in China, faces a critical Wednesday deadline to find a new non-Chinese buyer or face a ban under US law.

President Trump, who originally backed a ban on national security grounds, reversed his position after believing the platform helped him connect with young voters during his campaign.

TikTok boasts nearly two billion global users, underscoring the political and economic stakes.

Meanwhile, both governments temporarily reduced tariffs earlier this year, but the truce expires in November, keeping tensions high.