China on Wednesday called the framework deal reached in Madrid to switch short-video app TikTok to U.S.-controlled ownership a "win-win" and said it would review TikTok's technology exports and intel...

A framework deal has been reached between China and the U.S. for the ownership of popular social video platform TikTok, U.S. Treasury Secretary Scott Bessent said after weekend trade talks in Spain.

The agreement would transfer TikTok’s U.S. assets from China’s ByteDance to American ownership, potentially resolving a nearly year-long standoff over national security concerns.

Despite ongoing trade talks, China and the United States have engaged in tit-for-tat responses to one another’s trade actions as they try to extract leverage out of a tense situation.