US and China reach ‘final deal’ on TikTok sale, treasury secretary says
Scott Bessent said plan was part of framework for trade deal but did not share details on transferring app’s ownership
US treasury secretary Scott Bessent claimed on Sunday that the US and China have finalized the details of a deal transferring TikTok’s US version to new owners.
“We reached a final deal on TikTok,” Bessent said on Sunday on CBS’s Face the Nation with Margaret Brennan. Alluding to Donald Trump and his Chinese counterpart, Xi Jinping, Bessent continued: “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.
Related Knowledge Center: The TikTok ban
The U.S. Congress passed and President Joe Biden signed into law a measure banning TikTok if it weren’t sold by its Chinese ownership. But now-President Donald Trump gave the service a reprieve, and a sale of its U.S. operations appears imminent.