US President Donald Trump said on Monday that trade talks with China had gone very well in Madrid and hinted that a deal has been reached to resolve issues that his administration has over TikTok ownership.

The Republican president said he would be speaking to President Xi Jinping on Friday.

"The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL! It will be concluding shortly," Trump wrote.

"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. The relationship remains a very strong one!!!"

Treasury Secretary Scott Bessent, who is leading the US side in the trade talks with Vice Premier He Lifeng, said both sides have reached a "framework" for a deal to settle their dispute over TikTok.

"I think the framework is for it to switch to US-controlled ownership," he explained, without giving further details.

Bessent added that Xi and Trump would speak on Friday to "complete" the agreement. (Reuters/AFP)