The United States and China have reached a framework agreement to transfer ownership of TikTok to a U.S.-based entity. This announcement, made on Monday, comes amid impending regulatory action that could have resulted in a ban on the popular short-form video app. U.S. President Donald Trump praised the agreement, emphasizing its importance for young users in the country. The deal solidifies efforts to mitigate a trade standoff between the two nations, with discussions taking place during a recent two-day meeting in Madrid. While specific terms remain undisclosed, U.S. officials indicated that trade and technology concessions were part of the negotiations. import to note that the final confirmation of the agreement depends on further discussions between President Trump and Chinese President Xi Jinping, scheduled for Friday.
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