US and China reach ‘final deal’ on TikTok sale, treasury secretary says

Scott Bessent, the US Treasury Secretary, said on Sunday that the US and China have agreed on all the specifics of an agreement to give TikTok’s US version to new owners.

Bessent remarked on CBS’s Face the Nation with Margaret Brennan on Sunday, “We reached a final deal on TikTok.” Bessent went on to say, “We reached [a deal] 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” during a meeting scheduled for Thursday in Korea.

Bessent didn’t say anything about the arrangement. But he did say it was part of a bigger plan for a possible trade deal that the US and China have both agreed to talk about when Trump and Xi meet in the next few days.

Bessent’s comments came after Trump signed an executive order on September 25 that made it possible for a deal for new ownership headquartered in the US, with most of the investors being American.

Bessent went on to say, “I’m not involved in the business side of the deal.” “My job was to get the Chinese to agree to the deal, and I think we did that over the last two days.” Jack Advent, who used to work for Trump on social media, has suggested that Barron Trump, the president’s 19-year-old son, may be a board member. Trump has said that Rupert Murdoch and Larry Ellison, two conservative media giants, are new US investors.

Trump threatened to ban TikTok in 2020, during his first term as president, because he didn’t like how China handled Covid-19.

Before Joe Biden signed the app prohibition into law in April 2024, Congress enacted it. Biden was president between Trump’s two administrations. It was supposed to start on January 20, 2025, but Trump extended it four times as his government worked on an agreement to give up control.

People think the agreement is worth $14 billion. Most US and international investors will own roughly 65% of the company. ByteDance and Chinese investors would own less than 20%.

Trump’s executive order gives the new investors control over the app’s algorithm, which includes six of the seven board of directors positions.

As part of a five-day visit of the region, Trump arrived in Malaysia on Sunday for a summit of the Association of Southeast Asian Nations. He is slated to meet with Xi in person on Thursday.

The two are likely to talk about buying soybeans and other farm products from US farmers, the trade balance, and the fentanyl issue in the US, which was the reason for Trump’s 20% tariffs on Chinese goods.

Source : https://www.theguardian.com/technology/2025/oct/26/us-china-tiktok-deal-scott-bessent

Share on Social Media