Trump, Xi discuss framework to keep TikTok in U.S. hands

U.S. President Donald Trump and Chinese leader Xi Jinping spoke by phone on Friday as officials said they had reached a framework agreement aimed at keeping TikTok available in the United States by shifting its American operations into U.S. control. Treasury Secretary Scott Bessent told reporters the framework was negotiated in Madrid and that final approval was expected after the leaders spoke; the White House also extended a deadline for ByteDance to divest until December 16 to allow time to complete the transaction.

Under the arrangement described by U.S. officials, TikTok’s U.S. business would be spun into a new entity majority owned and governed by American investors, with reports suggesting roughly 80 percent U.S. ownership and ByteDance retaining just under 20 percent. White House Press Secretary Karoline Leavitt said six of seven seats on the U.S. board would be held by Americans, and that Oracle would lead on data and privacy safeguards. Treasury Secretary Bessent said negotiators agreed commercial terms and that President Trump’s readiness to let the app go dark “shocked” Beijing and helped secure momentum.

Several potential buyers have been named in media reports,...