According to Treasury Secretary Scott Bessent, the United States and China are prepared to proceed with an agreement regarding TikTok.
Last month, Bessent mentioned that both nations had established a “framework” for the deal during talks in Madrid, after which President Donald Trump issued an executive order to support the transaction.
During an interview on CBS’ Face the Nation on Sunday morning, Bessent stated that the U.S. and China had finalized a TikTok agreement.
“We came to an agreement in Madrid, and as of today, I think every detail has been settled. The two leaders are expected to officially complete the transaction this Thursday in Korea,” Bessent explained. He chose not to reveal specifics of the arrangement, but noted, “My role was to secure Chinese approval for the deal, and I believe we achieved that over the last two days.”
President Trump has extended the deadline multiple times for a law requiring ByteDance, TikTok’s parent company, to divest the app or face a ban in the U.S.
According to the executive order, TikTok’s American operations—including its recommendation system, source code, and content moderation—will be overseen by a newly formed board, with Oracle taking charge of security matters.
Oracle, headed by Trump supporter Larry Ellison, along with Fox Corp (which owns Fox News), Andreessen Horowitz, and Silver Lake Management, are reportedly investing in the new joint venture. Trump has apparently confirmed Fox’s involvement.
Bessent made these remarks from Kuala Lumpur, Malaysia, where U.S. and Chinese trade officials also announced they had established a framework for resolving tariff and other trade disputes.
U.S. trade representative Jamieson Greer informed journalists that rare earth minerals were included in the negotiations, though he did not elaborate on the specifics. (China has indicated plans to impose stricter export regulations on these minerals, which are essential for producing semiconductors and various technology products.)
“We discussed prolonging the truce, rare earths, and a wide range of other subjects,” Greer commented.
