The United States and China have reportedly reached a “final deal”, according to Treasury Secretary Scott Bessent, transferring control of the Chinese-owned platform’s operations to the US.
Last year, Joe Biden signed legislation requiring the Chinese company to sell its US operations to American firms or face a total ban, citing national security concerns.
However, Donald Trump’s return to power granted ByteDance, TikTok’s parent company, a temporary reprieve, as the president repeatedly signed orders postponing the ban.
Speaking to CBS on Sunday, Bessent confirmed that an agreement had been reached. “We reached [a deal] in Madrid, and I believe that as of today all the details are ironed out, it will now be up to the two leaders to finalise the transaction,” he said.
The Treasury Secretary did not disclose further details about the agreement, as Trump and Chinese president Xi Jinping are expected to meet in the coming days.
