Overview
- Treasury Secretary Scott Bessent said a definitive agreement exists and that Chinese approval was secured during talks in recent days.
- Trump and Xi are scheduled to meet on Oct. 30 in South Korea to consummate the transaction, according to Bessent.
- The framework reached in Madrid would shift U.S. operations into a U.S.-majority joint venture, with ByteDance reported to keep about 20%.
- Trump signed an executive order enabling the new structure, with Oracle reported to handle algorithm security and U.S. data storage.
- Officials have withheld commercial specifics, and the leader-level meeting also offers a chance to ease tensions after China’s rare‑earth restrictions as some U.S. lawmakers express doubts.