US Treasury Secretary: China agreed to the deal to transfer ownership of TikTok
US Treasury Secretary Scott Besent said: China has agreed to a deal to transfer ownership of TikTok.
Speaking to Fox Business after a meeting between President Donald Trump and his Chinese counterpart Xi Jinping, Bessent added that he expects the agreement to move forward in the coming weeks and months.
Bessent continued: "In Kuala Lumpur, we finalized the TikTok agreement in terms of obtaining Chinese approval, and I expect that moving forward in the coming weeks and months, we will finally see a resolution to this issue."
The Secretary of the Treasury did not provide additional details about the terms of the agreement or specific timelines for implementation.
However, White House spokeswoman Caroline Leavitt told Fox News last September: "TikTok in the US will be majority owned by Americans. The board of directors will consist of seven members, six of whom are Americans"
The Chinese Ministry of Commerce had issued a statement earlier on Thursday indicating that China would deal "Appropriately with TikTok related issues with US"
The proposed deal remained "Tik Tok" Caught in diplomatic limbo for months, the two sides tried to craft an agreement that would satisfy national security in Washington while allowing China to maintain some influence over one of its most successful technology exports.
The final agreement is expected to ensure that American users’ data is kept on American soil, with the possibility of managing it through a US-based technology partner.
For Trump, the timing is purely political, inevitable, and perhaps an additional justification that adds a touch of political intrigue. Innocence. During his first administration, the idea of banning or selling TikTok first emerged in public consciousness. However, since then, Trump’s positions on the TikTok deal have fluctuated more than expected.
And now, years later, he is back at the center of the same story, with a chance to present himself as the dealmaker who "Fix TikTok" Finally.
A new chapter in the technology cold war
The deal represents a much bigger event than just the survival of a single app. It’s another move in the ongoing digital chess game between Washington and Beijing. TikTok, with its billion-strong user base and cultural influence, has become a symbol of the intense interconnectedness and fierce competition between the two countries in the digital space.
For the United States, the issue has always been about data sovereignty – who owns it, who stores it, and who has access to it.
For China, it’s about maintaining its pride and control over whoever Its most successful technological exports, without appearing to yield to American pressure. In fact, a big part of the issue on both sides is preserving dignity and ego.
What does this mean for TikTok users?
The average TikTok user doesn’t think much about data localization or trade diplomacy, they just want to know whether the app will still work tomorrow, Friday.
Initial indications are that there will be no ban, and the app will continue to operate under a new structure designed to please both governments.
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