U.S. officials said on Monday that they had reached a preliminary deal with China on the fate of the social media platform TikTok that would address one of the biggest points of contention between the world’s two largest economies.

After two days of talks in Madrid, Treasury Secretary Scott Bessent said that the sides had agreed to a “framework” for a deal to divest TikTok from its Chinese owner, ByteDance. President Trump and China’s top leader, Xi Jinping, are set to speak on Friday to approve the deal, which Mr. Bessent described as an agreement between “two private parties” and would shift the social app into U.S.-controlled ownership.

Mr. Bessent and Jamieson Greer, the U.S. trade representative, led the negotiations on behalf of the United States, and He Lifeng, the vice premier for economic policy, led the talks for China. It was the fourth round of talks on tariffs, trade and other issues.

Mr. Trump had set a Wednesday deadline to enforce or delay a law requiring TikTok to be separated from its Chinese owner or face a ban in the United States. Mr. Trump has essentially claimed the power to nullify the TikTok ban and has repeatedly kept the Justice Department from enforcing it, so Wednesday’s seeming deadline may be one in name only.

Mr. Bessent said that the Chinese side had “very aggressive asks” on TikTok, as he headed into talks on Monday morning.

The president has already delayed enforcing the law three times. Congress passed the bipartisan legislation last year to ban TikTok in the country unless it found a non-Chinese owner because of concerns that the social media app’s ties to China made it a national security threat to the United States.