The US treasury secretary has said Washington has reached a “framework” deal with China on the ownership of TikTok’s American operations.

Scott Bessent said the framework was set in trade talks in Madrid to pave the way for US ownership. He added that US President Donald Trump and Chinese President Xi Jinping would “complete” the deal on Friday. China has not commented.

Trump said on Truth Social that talks in Madrid had “gone very well”, with a deal reached “on a certain company that young people in our country very much wanted to save”.

A deadline is looming for the Chinese owner of TikTok to find a buyer for its American operations or face a ban in the US.