United States Treasury Secretary Scott Bessent said Monday that Washington and Beijing have reached a framework agreement on TikTok.

“It’s between two private parties, but the commercial terms have been agreed upon,” he said from U.S.-China talks in Madrid.

Presidents Donald Trump and Xi Jinping are expected to meet Friday to discuss the terms of a TikTok deal, after Trump said in a Truth Social post that an agreement had been reached “on a certain company that young people in our Country very much wanted to save.”

Treasury Secretary Scott Bessent said the framework could shift the platform toward U.S.-controlled ownership.

TikTok has not responded to requests for comment.

The announcement came during ongoing U.S.-China trade talks, as relations between the two countries have been strained by Trump’s tariffs and other restrictions.

Meanwhile, TikTok’s parent, ByteDance, faces a September 17 deadline to sell its U.S. operations or risk a nationwide ban.