US-China Finalize TikTok Ownership Deal
US Treasury Secretary Steven Bessent announced on Sunday that the United States and China have finalized an agreement to transfer ownership of TikTok’s US operations to American investors.
Key Details of the Agreement
Speaking on CBS’s “Face The Nation,” Bessent confirmed the deal was negotiated in Madrid with all details now finalized.
“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 the meeting scheduled on Thursday),” Bessent said.
The Treasury Secretary clarified his role was specifically to secure Chinese approval for the transaction, which he confirmed was successfully accomplished.
Background and Timeline
The development comes one month after President Donald Trump signed an executive order enabling TikTok’s ownership transfer to majority American investors.
According to The Guardian, potential board members include Trump’s 19-year-old son Barron Trump, as suggested by the president’s former social media producer Jack Advent. The new investor group is expected to include media moguls Rupert Murdoch and Larry Ellison.
Previous TikTok Ban Efforts
During his previous presidency, Trump had threatened to ban TikTok in response to China’s handling of the COVID-19 pandemic. Congress passed legislation to ban the app, which became law in April 2024.
The ban was originally scheduled to take effect on January 20, 2025, but was extended four times by the Trump administration while they negotiated the ownership transfer deal.
President Trump is currently in Malaysia attending the ASEAN summit as part of a three-nation tour that also includes stops in Japan and South Korea, with a proposed meeting with Chinese President Xi Jinping.
