United States President Donald Trump and Chinese President Xi Jinping held a phone call, discussing the future of TikTok in the US and trade tensions between the two nations.

Trump described the call as “very productive,” saying they made progress on several key issues, including trade, fentanyl, and the Russia-Ukraine war.

“We made progress on many very important issues, including Trade, Fentanyl, the need to bring the War between Russia and Ukraine to an end, and the approval of the TikTok Deal,” Trump wrote on his Truth Social platform.

The two leaders also discussed a potential deal to take TikTok out of Chinese hands, with Trump stating that TikTok’s US business would be “owned by all American investors, and very rich people and companies.”

According to reports, a consortium to control TikTok might include tech giant Oracle and two California investment funds, Silver Lake and Andreessen Horowitz.

Xi noted that China’s position on TikTok is clear: “The Chinese government respects the will of enterprises and welcomes them to conduct business negotiations based on market rules, to reach solutions that balance interests and comply with Chinese laws and regulations,” state broadcaster CCTV reported.

Xi also expressed hopes that the US would provide an open, fair, and non-discriminatory business environment for Chinese companies investing in the United States.

The call was described as “frank and in-depth.” Trump said he would meet Xi on the sidelines of an Asia-Pacific Economic Cooperation forum summit in South Korea and travel to China next year, while Xi would visit the US at an unspecified time.

The phone call comes amid ongoing trade tensions between the US and China, with both sides imposing tariffs on each other’s goods. The current deal to reduce levies expires in November, with the US imposing 30% duties on imports of Chinese goods and China hitting US products with a 10% tariff.

Trump accused China and Russia of conspiring against the US, while Xi voiced appreciation for the US role in World War II in the Chinese social media readout.