At a press conference in Madrid after the US-China trade talks, Besant said that US President Donald Trump will have a conversation with Chinese President Xi Jinping on Friday, which will likely lead to a final agreement.

Besant said the goal of the framework agreement is to bring TikTok under American ownership, but did not provide further details.

It has already been reported that the US Congress passed a law last year, due to national security concerns, that forces ByteDance to either sell the extremely popular platform or close it.

Both Democratic and Republican representatives, as well as intelligence officials, have expressed concerns that Chinese authorities could force ByteDance to hand over American user data to them or force the company to increase TikTok content favorable to Beijing's interests and restrict content that is undesirable to them.

TikTok has denied allegations that it could be used as a tool of the Chinese government and has said it has not shared US user data with Chinese authorities.

Upon taking office as US President, Trump signed an executive order that postponed the entry into force of the TikTok ban in the US for 75 days. He later extended this deadline to June 19, and then to September 17.

ByteDance has confirmed that it is engaged in talks with the US government, but has also acknowledged that important issues need to be resolved and that any deal will need to be approved under Chinese law.