A much-awaited deal over TikTok may be close, with US President Donald Trump and his Chinese counterpart Xi Jinping set to discuss terms on Friday. Top officials from both sides struck a "framework" agreement this week, which reports suggest could see TikTok's US operations sold to a group of American firms.

This mark the fourth time in four months that the delegations have met in European cities to try to keep a fractured U.S.-China trade relationship from collapsing under Trump's tariffs.

Top economic officials met in Madrid for a second day, with deadlines looming on tariffs and a ban on TikTok in the United States if it is not sold by its Chinese owner, ByteDance.

In the past week, China has unveiled a series of regulatory actions targeting American chipmakers. The most significant is an anti-dumping investigation into American legacy chips that power everything from cars and refrigerators to washing machines and data centers.

Amid complex trade talks with the US, China dropped a months-long antitrust probe into Google (GOOG) amid discussions of a TikTok deal — while also increasing pressure on domestic purchases of Nvidia (NVDA) chips.

China is pressuring Nvidia as TikTok talks advance with Xi Jinping aiming to cast Beijing as a technology supplier while Trump holds firm on tariffs