U.S. and Chinese officials reached a tentative agreement regarding the ownership of the video app TikTok, as confirmed by the White House and U.S. Treasury Secretary Scott Bessent.
The deal, which involved transferring TikTok’s ownership to U.S. hands, was negotiated amid ongoing trade tensions between the two nations. Bessent noted that the leaders of both countries, U.S. President Donald Trump and Chinese President Xi Jinping, would need to finalize the terms.
In statements to the media, Scott Bessent explained that the agreement established a framework in which the platform’s ownership would shift to a U.S.-controlled entity.
“The framework of the agreement is that (TikTok) transitions to U.S.-controlled ownership, but the leaders will have to confirm that on Friday. We set the framework, they will have to confirm the deal,” Bessent stated.
Financial terms of the deal remain undisclosed
The Treasury Secretary indicated that the financial terms of the agreement remained in the private domain of the involved parties.
“We are not going to discuss the commercial terms of the agreement because it is between two private parties, but the commercial terms have already been agreed upon,” he added from the Santa Cruz Palace.
Minutes before Bessent’s remarks, President Trump announced the deal on his social media platform Truth Social, hinting it would be “news” that “was going to delight young Americans.”
TikTok’s parent company, ByteDance, faced a September 17 deadline to sell its U.S. subsidiary, a measure driven by Washington D.C.’s concerns over Beijing’s potential access to user data.
Bessent and U.S. Trade Representative Jamieson Greer credited the successful negotiation to President Trump’s direct involvement and his “great consideration for President Xi.” The officials explained that the mutual respect between the leaders fostered a collaborative environment between their respective delegations.
Beyond the TikTok agreement, Bessent and Greer revealed that discussions on a tariff deal continued. A fifth round of talks was expected in about a month, though the location remained undecided.
Image: DiarioNY
