Washington has reached a framework deal with China on TikTok’s U.S. operations, paving the way for American ownership as the world’s two biggest economies negotiate a trade deal. U.S. Treasury Secretary Scott Bessent said talks in Madrid set the framework, with President Trump and Chinese leader Xi Jinping expected to complete the deal Friday. A Wednesday deadline looms for TikTok’s Chinese owner ByteDance to find a U.S. buyer or face a ban over national security concerns. Oracle is reportedly among firms that would enable continued US operations. The ownership issue has been a major sticking point in U.S.-China trade talks, with China seeking lower tariffs.