The long-awaited deal to restructure TikTok’s U.S. operations is expected to be finalized this Thursday when President Trump meets with Chinese President Xi Jinping in South Korea, according to Treasury Secretary Scott Bessent.
Speaking on CBS News’ “Face the Nation with Margaret Brennan” on Sunday from Kuala Lumpur, Bessent stated, “We reached a final deal on TikTok… all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea.” Bessent’s role was to secure Chinese approval for the transaction, which he believes was successfully accomplished.
The deal stems from an executive order signed by President Trump last month and is meant to satisfy a 2024 Congressional law requiring the China-based parent company, ByteDance, to divest from the U.S. entity or face a ban.
The White House previously outlined that the agreement would establish a U.S.-based “joint venture” with a majority of American investors, including Oracle, and a board majority of Americans, with ByteDance retaining less than a 20% stake.
However, the deal continues to face scrutiny. Rep. John Moolenaar (R-MI), chairman of the House China committee, expressed ongoing concern on “Face the Nation,” saying, “as long as the Chinese are involved, I think there’s reason for distrust,” particularly regarding ByteDance’s continued minority ownership.
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