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Now elsewhere, the US and China have
agreed on plans for a deal for the
ownership of America's of Tik Tok's
American operation. The US Treasury
Secretary said a framework agreement had
been reached as follows trade talks
between both countries in Madrid. Well,
the Chinese social media app was facing
a ban in the US unless it could find a
buyer for its operations in the country.
Well, the agreement is set to be
finalized in a phone call between
President Trump and President Xi on
Friday. A North America business
correspondent Michelle Flurry has the
latest now from New York.
>> This is where dance videos and
geopolitics collide. Now speaking after
the latest round of US China trade talks
in Madrid, US Treasury Secretary Scott
Bessant said President Donald Trump and
Chinese President Xiinping are expected
to finalize a deal over Tik Tok when
they speak together on Friday. Details
of the agreement, well, they remain
limited. Mr. Bessant uh wouldn't say who
the US buyer might be for the
Chinese-owned app that now boasts over
170 million American users, only that a
breakthrough had been made.
>> The framework is for it to switch to uh
US controlled ownership. But again, I'm
not going to get ahead of the leaders
call on Friday. We have a framework.
They'll have to confirm the deal.
Congress, backed by a Supreme Court
ruling, set a January deadline requiring
Bite Dance, Tik Tok's Chinese parent
company, to sell the platform or face a
nationwide ban. Now, Donald Trump has
extended that deadline three times. And
another extension is expected by
Wednesday or Americans could lose access
to the video sharing app. Since the saga
began, well, Microsoft has expressed
interest in acquiring Tik Tok, but that
fell apart. Walmart and Oracle also came
close to buying the video sharing
platform's US arm. If a deal does go
ahead, it will bring an end to this
longunning saga, but many national
security experts remain skeptical. They
question whether any deal at this point
would truly address the core concerns
that prompted congressional intervention
in the first place.
>> Michelle Flurry there in New York. Some
other stories we're following and
Japan's stock market has hit a fresh
high in early trade on Tuesday with the
NIK225 stock index breaking 45,000 for
the first time in its history. Tokyo
stocks have been rallying in the last
week by expectations of a interest rate
cut in the US this week. Markets were
closed on Monday in Japan for a holiday.
And China has accused the US chip maker
Nvidia of breaking anti- monopoly laws.
The news comes as China and the US are
locked in trade talks in Madrid with
chips high on the agenda. The Chinese
market regulator says it's initiated a
preliminary probe into Nvidia's business
practices. US Treasury Secretary Scott
Bessant called it poor timing.
More on all those stories for you.
BBC.com/business
is where you will find them. Of course,
we will keep a close eye on any further
announcements ahead of President Trump's
state visit to the UK. Uh but that is
your business today.
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