The new deal could bring the platform’s ownership to the US, treasury secretary Scott Bessent said. Washington and Beijing have almost finalised a deal for social media platform TikTok, leaders have said, as the economic rivals take part in ongoing trade talks in Madrid. The deal comes after US president Donald Trump had postponed the Chinese-owned app’s ban in the country for the third time this June. “I will be speaking to president Xi on Friday.”US treasury secretary Scott Bessent said that the “commercial terms [of the TikTok deal] have been agreed upon”. US secretary of the treasury Scott Bessent (P20250722DT-0313).