Summary
- The US and China have agreed to a deal to transfer TikTok’s ownership to a US-based entity
- US officials announced the agreement, confirming that commercial terms have been settled
- Details are expected to be finalized during a meeting between Presidents Trump and Xi Jinping on September 19
US trade representative Jamieson Greer announced that the United States and China have landed on an agreement to transfer the ownership of TikTok to a US-based entity.
As per The Guardian, US treasury secretary Scott Bessent spoke to the press after negotiations with Chinese officials in Madrid, “We have a framework for a TikTok deal.” He continued, “We’re not going to talk about the commercial terms of the deal. It’s between two private parties, but the commercial terms have been agreed upon.”
Bessent added that the agreement details will be finalized at the end of the week; US President Donald Trump and Chinese President Xi Jinping are scheduled to meet on September 19. “We’re not going to be in the business of having repetitive extensions,” Greer said. “We have a deal.”
Earlier this June, President Trump claimed that a “very wealthy group of people” have agreed to acquire the ByteDance-owned app. No additional details were revealed, however, and it remains unclear if the buyers are part of this new deal.
Over the past five years, the US government has put pressure on ByteDance to divest its stake in TikTok or risk its ban in the country. American lawmakers have voiced their concerns over the app’s Chinese ownership, with reported negotiations for its acquisition falling through.
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