The U.S. and China reach a "framework" agreement on TikTok. CNBC, citing U.S. Treasury Secretary Scott Bessent, reports that the U.S. and China have reached a "framework" agreement regarding the social media platform TikTok. During a meeting between the two countries in Madrid, Bessent told CNBC: "This is an agreement between two private companies, but the commercial terms have been agreed upon." The agreement allows TikTok to continue operating in the U.S. while transferring ownership to U.S. control. However, details such as which U.S. entity will gain control, asset valuation, and compensation to ByteDance have not been disclosed. Final details will need to be finalized in a meeting between the leaders of both sides.