According to CNN.com, it has been reported that a deal has been reached between the Trump administration and China to keep TikTok operational in the United States. US Treasury Secretary Scott Bessent said that a framework agreement has been reached and Trump will speak with Chinese leader Xi Jinping on September 19, to finalize the deal.

The agreement and conversation are precursors to a Trump-Xi meeting that both sides have sought for months, US officials said Monday after a framework plan was announced. “President Trump played a role in this, we had a call with him last night, we had specific guidance from him we shared it with our Chinese counterparts,” Bessent said in Madrid on Monday. “Without his leadership and the leverage he provides, we would not have been able to include the deal today.”

The Trump administration did not name the US-backed buyer but the group is widely expected to be led by Oracle executive chairman Larry Ellison, who last week briefly became the world’s richest person.  Back in January, Trump had said he would champion Ellison, who is a Trump supporter, buying the app’s US assets.

Chinese and US diplomats have been meeting this week in Spain to discuss trade and other matters. Bessent, leading the latest round of trade talks with China on behalf of the United States and said that TikTok was one of the subjects likely to be discussed.

“We were very focused on TikTok and making sure that it was a deal that is fair for the Chinese and completely respects US national security concerns, and that’s the deal we reached,” said US Trade Representative Jamieson Greer on Monday. “And of course, we want to ensure that the Chinese have a fair, invested environment in the United States, but always that US national security comes first.”