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What happened
The US and China have reached a framework agreement regarding the ownership of TikTok, as confirmed by US Treasury Secretary Scott Bessent. The deal aims to transfer TikTok's US operations to a US-controlled entity, addressing national security concerns. Former President Trump hinted at the agreement, emphasizing its importance for American youth. The commercial terms remain undisclosed, and further trade negotiations are scheduled for next month.
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Key insights
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Framework Agreement Reached: A framework agreement on TikTok's ownership has been established between the US and China.
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Trump's Involvement: Former President Trump has played a significant role in negotiating the TikTok deal.
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Future Trade Talks: Further trade negotiations between the US and China are planned for next month.
Takeaways
The agreement marks a significant step in resolving ongoing tensions over TikTok's ownership.