The United States and China have reached a deal regarding TikTok, according to President Donald Trump. The agreement comes as Washington has been pushing for the video-sharing app to be sold to a US-controlled owner due to national security concerns.

President Trump announced the deal on Tuesday, stating that he would be speaking with Chinese President Xi on Friday to finalize the details. This development follows trade talks between the two countries, which resumed in Madrid. US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng led the discussions, aiming to narrow the differences on trade and technology that have strained relations between the world’s two largest economies.

TikTok is owned by ByteDance, a China-based internet company. A federal law requiring the app’s sale or ban on national security grounds was set to take effect before President Trump’s inauguration on January 20. However, Trump put the ban on hold, having previously relied heavily on social media for his 2024 election campaign and expressing fondness for TikTok.

In June, Trump extended the deadline for TikTok to find a non-Chinese buyer by 90 days, with the extension due to expire on Wednesday. The president had initially supported a ban or divestment but later changed his stance, vowing to defend the platform, which has nearly two billion global users. Trump believes that TikTok helped him win the support of young voters in the November election.

The deal between the US and China marks a significant development in the ongoing trade and technology tensions between the two countries. The agreement’s details are expected to be confirmed on Friday, following President Trump’s conversation with President Xi. The outcome of this deal will likely have implications for the future of TikTok in the US and the broader relationship between the two nations.