The Trump administration announced that a ‘framework’ agreement has been reached to allow TikTok to continue its U.S. operations just before a potential ban was to be enforced.

Treasury Secretary Scott Bessent announced Monday that the U.S. and China have reached a framework for a TikTok deal. 

According to Bessent, who had discussions with Chinese Vice Premier He Lifeng in Madrid, this agreement was developed under the guidance and involvement of President Donald Trump.

The Treasury secretary also said that his Chinese counterparts made some ‘aggressive asks’ during the negotiation.

In a statement on Monday, Trump indicated that he intends to hold discussions with Chinese President Xi Jinping on Friday regarding the platform, which he noted is popular among young people in the U.S. and something they were eager to keep.

The immensely popular social media platform was originally outlawed by Congress late last year after Republicans and Democrats deemed it a national security threat. The law requires that TikTok’s China-based parent company, ByteDance, divest from the social media app for it to continue operating in the U.S.

However, the administration has been silent on who will be purchasing the app from ByteDance, though that has not stopped the speculation. 

Larry Ellison, the Oracle tycoon and Trump confidant who last week briefly became the richest man alive when his net worth hit $382 billion, is among the frontrunners. A deal for TikTok could propel him far past Elon Musk to the title of world’s first trillionaire. 

Ellison was an early supporter of Trump in 2016, hosted a fundraiser for the Republican and even advised the executive during the COVID-19 pandemic about the health benefits of hydroxychloroquine. 

The 81-year-old tech entrepreneur has also visited the White House multiple times this year, including most recently at an AI summit in July.  

His company, Oracle, hosts TikTok’s U.S.-based data and regularly audits the social media giant’s code to ensure safety and compliance standards are met. 

It has also been speculated that venture capital firm Andreessen Horowitz, which boasts robust ties to players in the Trump administration, could also be a part of the TikTok deal. 

Andreessen Horowitz was one of the firms that helped Elon Musk purchase X, then known as Twitter. 

Marc Andreessen, a notable Silicon Valley venture capitalist, helped advise DOGE under Musk’s leadership earlier this year, reportedly aiding in vetting talent for the cost-cutting group.  

The venture capitalist also has ties to Vice President JD Vance and even reportedly invested in the Republican’s venture firm, Narya Capital, in 2019. 

A bipartisan congressional panel investigating China and the app determined at the time that TikTok has espionage capabilities and that it purposefully manipulates public opinion and works against American interests last year. 

However, earlier this year, after the app was banned for a day in January, Trump signed an order to keep TikTok operational as investors look into how to split off the platform from its parent company. 

The president has since passed consecutive extensions to keep negotiations going. Now, as the September 17 deadline looms, the White House is confirming that a deal is imminent. 

Other potential buyers for the app have included media personalities like the Daily Mail columnist and ‘Shark Tank’ host Kevin O’Leary, as well as YouTube megastar Jimmy Donaldson, who goes by ‘Mr Beast’ online. 

This is the second time this year that U.S. and Chinese officials have warned they are close to a deal for the social media app. 

Vance noted in April, before the first deadline to find a buyer on April 5, that ‘there will almost certainly be a high-level agreement’ between the two regarding TikTok. 

Though the administration later extended its deadline to find a U.S. buyer multiple times after that initial due date. 

Neither TikTok, ByteDance, Oracle nor Andreessen Horowitz responded to the Daily Mail’s request for comment.