Besant says the TikTok deal has been finalized
The United States and China have finalized an agreement on TikTok that would allow the popular social media platform to remain available in the United States, Treasury Secretary Scott Besent said Thursday.
“In Kuala Lumpur, we have finalized the TikTok agreement in terms of getting Chinese approval,” Besant told Fox Business’ “Mornings with Maria.” “And I expect that this will move forward in the coming weeks and months, and we will finally see a resolution to this.”
“And I expect that this will move forward in the coming weeks and months, and we will finally see a resolution to this.”
President Trump approved the deal last month after receiving the “green light” from Chinese President Xi Jinping. Under the agreement, TikTok will be split into a separate US entity, majority owned by US investors such as Oracle and Silver Lake.
The deal seeks to limit the role of ByteDance, TikTok’s China-based parent company, to comply with a 2024 law requiring the company to divest from TikTok or face a ban on US networks and app stores.
The app’s future has been in limbo for nine months, as Trump repeatedly delayed implementation of a recall or ban law in an attempt to reach a deal to “save” TikTok, which he promised to do during his 2024 campaign.
Meanwhile, China continued to provide more lukewarm assessments of the TikTok deal situation. A Chinese Ministry of Commerce spokesman said Thursday that Beijing has agreed to work with the United States to resolve issues related to TikTok.
The latest development regarding the TikTok deal came when Trump and Xi met in South Korea. The highly anticipated meeting saw the world leaders agree to ease recent trade tensions, with the US reducing tariffs and China delaying export controls on rare earth metals and resuming some soybean purchases.
