US, China Reach TikTok ‘Consensus,’ Setting Up Trump-Xi Call

Sep 15, 2025

Max Chafkin, a Bloomberg Businessweek Senior Reporter and author of 'The Contrarian', shares insights on Tesla's stock landscape following Elon Musk's investment. Brent Schutte, Chief Investment Officer at Northwestern Mutual, discusses the implications of the recent deal between the U.S. and China on TikTok, highlighting its geopolitical significance. The dialogue touches on the Fed's possible rate cuts amidst inflation concerns and how these decisions affect consumer spending and market confidence.

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INSIGHT

TikTok Deal Enables High-Level Talks

The U.S. and China reached a TikTok framework enabling a potential Trump-Xi call and future meetings.
Details remain vague and leaders cautioned that principles won't be sacrificed for a deal.

INSIGHT

TikTok Is A Geopolitical Lever

TikTok is both a political lever and a strategic asset tied to U.S.-China leverage in broader talks.
Negotiations over tech firms like NVIDIA add pressure and complicate trade and AI discussions.

ADVICE

Watch Fed Composition Not Just The Cut

Expect the Fed to cut 25 basis points but watch attendee composition and dissenters closely.
Focus on the dot plot and which members attend to judge future rate guidance.

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President Donald Trump said he would speak with Chinese leader Xi Jinping on Friday as US and Chinese officials reached a framework deal on keeping the TikTok app running in the US.
It would be the first direct engagement between Trump and Xi since June.
“I will be speaking to President Xi on Friday. The relationship remains a very strong one!!!,” Trump said in a post on social media Monday. Referring to a meeting of top officials between the two nations in Madrid, Trump also said that the session “has gone VERY WELL!”
US Treasury Secretary Scott Bessent, who led the talks in Spain, told reporters that a framework to keep ByteDance Ltd.’s TikTok app running in the US had been reached. China’s Vice Commerce Minister Li Chenggang also told reporters in Madrid that a framework of “consensus” had been reached on TikTok, while cautioning that Beijing won’t sacrifice principles for a deal.
The terms of the blueprint, and whether they would satisfy the requirements of a US national security law that took effect in January, remain unclear. But a US official emphasized that some arrangement was crucial in order for Trump and Xi to have their first in-person tête-à-tête later this year.
Had there been no deal on TikTok, a Trump-Xi meeting on the sidelines of the Asia Pacific Economic Cooperation gathering in South Korea late next month would have been off the table, the official said. A Trump state visit to China would also have been off the table, the official added, speaking on condition of anonymity to discuss the sensitive issue.
Today's show features:

Bloomberg News White House Reporter Skylar Woodhouse on President Donald Trump and Xi Jinping’s expected talks Friday, and the potential for a resolution to the TikTok saga
Yelena Shulyatyeva, Senior US Economist for The Conference Board, on this week’s FOMC policy meeting
Bloomberg Businessweek Senior Reporter Max Chafkin on Elon Musk’s $1 billion Tesla stock purchase
Brent Schutte, Chief Investment Officer of Northwestern Mutual Wealth Management on the outlook for US monetary policy

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