A framework agreement on ownership of the popular social platform TikTok has been reached, said the United States (U.S.) Secretary of the Treasury, Scott Bessent.

The U.S. demands that TikTok no longer be owned by a company from China because they suspect that China uses this platform for intelligence work and propaganda, and it has been legally banned in the U.S. since mid-January of this year.

Bessent, after the conclusion of a new round of trade negotiations between the U.S. and China that was held last weekend in Spain, said that the presidents of the U.S. and China, Donald Trump and Xi Jinping, will talk on Friday about a possible finalization of the agreement on transferring ownership of the platform to the U.S.

“We will not discuss the commercial aspects of the contract. That is between two private parties. But the commercial aspects have been agreed upon,” said Bessent.

The Chinese side has not yet confirmed his statement.