US, China Reach TikTok ‘Consensus,’ Setting Up Trump-Xi Call | Bloomberg Businessweek

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President Donald Trump said he would speak with Chinese leader Xi Jinping on Friday as US and Chinese officials reached a framework deal on keeping the TikTok app running in the US.

It would be the first direct engagement between Trump and Xi since June.

“I will be speaking to President Xi on Friday. The relationship remains a very strong one!!!,” Trump said in a post on social media Monday. Referring to a meeting of top officials between the two nations in Madrid, Trump also said that the session “has gone VERY WELL!”

US Treasury Secretary Scott Bessent, who led the talks in Spain, told reporters that a framework to keep ByteDance Ltd.’s TikTok app running in the US had been reached. China’s Vice Commerce Minister Li Chenggang also told reporters in Madrid that a framework of “consensus” had been reached on TikTok, while cautioning that Beijing won’t sacrifice principles for a deal.

The terms of the blueprint, and whether they would satisfy the requirements of a US national security law that took effect in January, remain unclear. But a US official emphasized that some arrangement was crucial in order for Trump and Xi to have their first in-person tête-à-tête later this year.

Had there been no deal on TikTok, a Trump-Xi meeting on the sidelines of the Asia Pacific Economic Cooperation gathering in South Korea late next month would have been off the table, the official said. A Trump state visit to China would also have been off the table, the official added, speaking on condition of anonymity to discuss the sensitive issue.

Today's show features:

Bloomberg News White House Reporter Skylar Woodhouse on President Donald Trump and Xi Jinping’s expected talks Friday, and the potential for a resolution to the TikTok saga

Yelena Shulyatyeva, Senior US Economist for The Conference Board, on this week’s FOMC policy meeting

Bloomberg Businessweek Senior Reporter Max Chafkin on Elon Musk’s $1 billion Tesla stock purchase

Brent Schutte, Chief Investment Officer of Northwestern Mutual Wealth Management on the outlook for US monetary policy

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Carol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories of global technology, politics, economics and more by harnessing the power of Bloomberg Businessweek reporters and editors.

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