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Framework for TikTok Deal Reached Between the U.S. and China; Final Agreement to Be Signed in South Korea
Washington: The United States and China have reportedly reached a framework agreement regarding the future of TikTok, paving the way for the resolution of one of the most contentious issues between the two countries. The final accord is expected to be signed in South Korea, where U.S. President Donald Trump and Chinese President Xi Jinping are scheduled to meet next week.
U.S. Treasury Secretary Scott Besant confirmed that all major issues related to TikTok’s operations and ownership have been settled between the two sides. He added that the agreement represents significant progress toward broader economic cooperation between the world’s two largest economies.
Besant emphasized that the framework lays the foundation for a potential trade deal, noting that China has expressed readiness to move forward with a comprehensive trade agreement with the United States. Discussions are also expected to include the 100 percent tariff currently imposed on certain Chinese goods, with the final decision to be made jointly by Presidents Trump and Xi.
The Treasury Secretary further revealed that China has postponed the implementation of its new system for rare earth export licenses, signaling a willingness to ease trade tensions. He also expressed optimism that China will resume large-scale purchases of American soybeans, a move that would bring relief to U.S. agricultural producers. “When a trade agreement is reached, American soybean farmers will be among the biggest beneficiaries,” Besant said, assuring that no new tariffs will be introduced against China during the ongoing negotiations.
Meanwhile, China’s Vice Premier called for the joint implementation of the agreed roadmap, stressing that dialogue and consultation remain the most effective means to resolve differences. He underscored the importance of mutual respect and cooperation, urging both countries to continue working toward a balanced and sustainable partnership that addresses each side’s core concerns.
Local News
President Trump Halts All Trade Negotiations with Canada Following Reagan-Themed Ad Controversy
Washington:
U.S. President Donald Trump has announced the immediate suspension of all ongoing trade negotiations with Canada, citing what he described as a “false and misleading” advertising campaign that misrepresented his administration’s trade policies.
According to President Trump, the decision came in direct response to a Canadian advertising campaign that used archival footage of former U.S. President Ronald Reagan, in which Reagan appeared to speak against the imposition of tariffs on imported goods. The ad suggested that Trump’s tariff policies were contrary to Reagan’s free trade philosophy.
“Based on their highly reprehensible behavior, all trade negotiations with Canada are being terminated immediately,” President Trump declared in a post on his social media platform, Truth Social.
The advertisement reportedly drew significant attention in Washington. Ontario Premier Doug Ford acknowledged earlier this week that the ad had reached the U.S. President’s desk. “I learned that the President saw our ad, and he probably wasn’t very happy with it,” Ford told reporters on Tuesday. The Reagan-themed commercial included clips of the former president warning that import tariffs lead to inflation, job losses, and trade wars — messages perceived as a direct critique of Trump’s economic stance.
President Trump has consistently defended the use of tariffs as a strategic economic tool to protect American industries and exert leverage in international trade negotiations. His administration’s tariff policies have resulted in the highest U.S. tariff rates since the 1930s, a move that has sparked both domestic and international criticism from business leaders and economists who warn of long-term economic repercussions.
In response to the U.S. decision, Canadian Prime Minister Mark Carney reaffirmed that Ottawa will defend its national economic interests, stating, “If ongoing trade negotiations with the United States fail, Canada will not allow unfair American access to its markets under any circumstances.”
This latest escalation marks a sharp setback in U.S.–Canada economic relations. Earlier this year, President Trump imposed heavy tariffs on Canadian steel, aluminum, and automobile imports, prompting Ottawa to introduce retaliatory measures. Negotiations aimed at reaching a new trade framework for these sectors had been underway for several weeks but now appear to have been frozen indefinitely following the President’s announcement.
The abrupt halt in talks underscores the fragility of cross-border trade diplomacy and raises new concerns about the future of North American economic cooperation.