US and China Reach Framework on TikTok, Agreement Pending Leadership Approval
Madrid, Spain – Following two days of trade negotiations in Madrid, US and Chinese delegations have reached a preliminary framework regarding the popular video-sharing app TikTok. The agreement, confirmed by both sides, centers around a potential shift to US-controlled ownership of the platform.
The negotiations, led by US Treasury Secretary Steven Mnuchin and Chinese Vice Premier liu He, began on the 14th and concluded with a joint statement acknowledging progress on key economic and trade issues, including TikTok.
Speaking to reporters after the talks, Secretary Mnuchin stated that the framework proposes transferring control of TikTok to a US entity. However, he emphasized that the agreement remains contingent upon final approval from the leaders of both nations - US President donald Trump and Chinese President Xi Jinping – at their scheduled summit on Friday the 19th. “Ther is a framework, but the leaders must finalize the agreement,” Mnuchin said.
Chinese officials, while acknowledging the basic agreement, stressed China’s commitment to protecting the rights of its companies. Li Chenggang, Vice Minister of Commerce, stated that China would continue to enforce its technology export regulations and would not compromise on principles, corporate interests, or international fairness. He also asserted that the US should not expect China to address concerns stemming from its own domestic policies.
Furthermore,Li emphasized the importance of stable US-China trade relations for global economic stability. He urged the US to remove restrictions on Chinese companies and work towards a more conducive environment for trade.
Wang Jing, an official from the National Internet Data Office, echoed this sentiment, calling for an “open, fair, just and non-discriminatory environment” for Chinese businesses operating in the US, specifically mentioning tiktok.
Both sides acknowledged the significance of the ongoing dialog and expressed hope for continued progress. The outcome of the upcoming leadership summit will determine whether the framework translates into a finalized agreement regarding TikTok’s future.
Source: Yonhap News Agency.
