US President Donald Trump on Monday declared that the high-stakes trade negotiations between Beijing and Washington had wrapped up “VERY WELL” in Madrid, announcing that the talks produced a deal involving TikTok. He added that he is scheduled to speak with Chinese President Xi Jinping later this week.

In his signature style, Trump shared the update via a post on Truth Social: “The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL! It will be concluding shortly. A deal was also reached on a ‘certain’ company that young people in our Country very much wanted to save. They will be very happy! I will be speaking to President Xi on Friday.”

Scott Bessent, US Treasury Secretary who led the American delegation, told reporters in Madrid that “we have a framework for a Tiktok deal”, referring to the wildly popular social media platform owned by China’s ByteDance.

“The two leaders – President Trump and party chair Xi – will speak on Friday to complete the deal,” he said. “But we do have a framework for a deal with Tiktok. We had very good discussions. We preferred to keep the discussions on Tiktok. We will be holding trade negotiations in about a month again at a different location.”

Bessent later added that the framework pointed to a “switch to US-controlled ownership”, but refused to “get ahead of the leaders call on Friday. We have a framework, they’ll have to confirm the deal”.