Treasury Secretary Scott Bessent made it clear how excited his boss is about saving TikTok.
During an interview on CBS’ Face the Nation, Bessent, 63, told Margaret Brennan that Donald Trump is finalizing a deal with President Xi Jinping to keep the Chinese-owned social media platform operating in the United States.
And he did so using an eyebrow-raising choice of words.
“Margaret, we reached a final deal on TikTok,” Bessent began.
“We reached one in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea.”
TikTok has long been at the center of national security concerns. In April 2024, Congress passed a bipartisan bill to ban the app in the U.S. unless its Chinese parent company, ByteDance, sold it to an American company.
In December, then president-elect Trump asked the Supreme Court to delay the enforcement of the ban until one day before his second inauguration, temporarily taking the app offline for U.S. users on January 18. The following day, Trump signed an executive order granting TikTok a 90-day reprieve.
Trump is scheduled to meet Xi on the sidelines of the Asia-Pacific Economic Cooperation (APEC) Summit in South Korea, the White House confirmed last week. The high-stakes trade talks come as both leaders attempt to avoid further escalation in the ongoing trade war between the world’s two largest economies.
Trump has also vowed to confront Xi Jinping over Beijing’s refusal to buy American soybeans, which has put the squeeze on farmers in MAGA heartland.
China has historically been a top buyer of U.S. soybeans. But Trump’s tariffs led the country to place a retaliatory tariff on the U.S, with Beijing now increasingly turning to South America for its produce.
Bessent also broached this topic on CBS Sunday, telling Brennan an overarching deal is coming.
“Margaret, I’m not going to give you the details here, but I can tell you that the soybean farmers are going to be extremely happy with this deal for this year and for the coming years,” he said.
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