The Treasury Secretary, Scott Bessent, announced that the United States and China are making progress towards finalizing a TikTok deal, indicating a positive development in the ongoing negotiations.
Bessent had previously mentioned that a potential deal framework had been established in Madrid, leading to President Donald Trump’s executive order to facilitate the transaction.
During an appearance on CBS’ Face the Nation, Bessent confirmed that a final agreement on TikTok had been reached between the U.S. and China.
The deadline for ByteDance, TikTok’s owner, to sell the app or face a ban in the U.S. has been extended multiple times by President Trump.
As per the executive order, TikTok’s U.S. operations, including its algorithm and content moderation, will transition under the oversight of a new board of directors, with Oracle taking charge of security operations.
Notable investors in the joint venture include Oracle, Fox Corp, Andreessen Horowitz, and Silver Lake Management, with Fox’s involvement seemingly confirmed by Trump.
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Bessent provided these updates from Kuala Lumpur, Malaysia, where trade negotiators from the U.S. and China also made progress on trade issues, including tariffs and rare earth minerals.
Trade negotiator Jamieson Greer mentioned discussions on rare earth minerals and extending the truce, emphasizing the importance of addressing various topics in the negotiations.
