On Wednesday, China described the framework deal to transfer TikTok to U.S.-controlled ownership as a “win-win” and stated it would review the app’s technology exports and intellectual property licensing, according to a state media editorial. Investors on both sides of the Pacific are now awaiting a Friday call between U.S. President Donald Trump and Chinese President Xi Jinping, where the agreement is expected to be confirmed.

The progress on TikTok, which has 170 million U.S. users, is seen as a key step for advancing broader talks between the two largest economies beyond their current tariff truce. The deal, which would transfer TikTok’s U.S. assets from China’s ByteDance to American owners, resembles an earlier agreement that was shelved after Trump imposed tariffs on Chinese goods.

The official People’s Daily, in an article signed “Zhong Sheng” (Voice of China), said the consensus was reached based on “mutual respect, peaceful coexistence, and win-win cooperation” and added that China will legally review issues related to TikTok’s technology exports and intellectual property. U.S. Treasury Secretary Scott Bessent, after meeting Chinese negotiators in Madrid, indicated that the September 17 deadline for the app in the U.S. could be extended by 90 days to allow the deal to be finalized.