U.S. Treasury Secretary Scott Bessent said on Tuesday (September 16, 2025) he anticipated a final deal on the short-video app TikTok when President Donald Trump speaks with Chinese leader Xi Jinping on Friday (September 12, 2025).

China had a long list of asks during talks this week in Madrid, Mr. Bessent said. He described the negotiations as fulsome and conducted with great respect.

Also Read | Trump suggests deal reached over the future of TikTok

The two sides said on Monday (September 15, 2025) they have reached a framework agreement after months of talks between the world’s No. 1 and No. 2 economies to defuse a wide-ranging trade war that has unnerved global markets.

Mr. Bessent said Mr. Trump made it clear he would let TikTok, which counts 170 million U.S. users, go dark without a deal to switch to U.S.-controlled ownership. However, Mr. Trump has extended the deadline to reach a deal on the app three times and was expected to do so a fourth time on the upcoming Wednesday (September 17, 2025) deadline.

Details on the commercial terms with new investors need to be ironed out, Mr. Bessent said, declining to elaborate.