By skyforbes 
The United States and China reached a framework agreement to keep TikTok under new management. Trump will meet with Xi on Friday to finalize the deal. Here’s everything you need to know
The United States and China reached a framework agreement to keep TikTok under new management. The announcement followed a meeting between Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent and Trade Representative Jamison Greer in Madrid on September 14 and 15 for bilateral negotiations. The deal requires TikTok’s US operations to be transferred from Chinese owner ByteDance to American companies.
The short-video app has more than 170 million users in the United States alone. The Chinese business ByteDance, which operates the social media site, was warned that it would have to sell its US operations or face closure. The Madrid negotiations represent a significant diplomatic effort to resolve the TikTok dispute through dialogue rather than force. The White House took notice of the agreement, as President Donald Trump confirmed it on Truth Social. However, the agreement, which requires Congressional and regulatory approval, attempts to maintain the app’s functionality without threatening to shut it down.
“We were very focused on TikTok and making sure that it was a deal that is fair for the Chinese and completely respects U.S…