The United States and China have reached a deal on TikTok, the final signing of which will take place on October 30 during a meeting between US President Donald Trump and Chinese leader Xi Jinping. This was announced by US Treasury Secretary Scott Bessent, CBS News reports.
“We have reached a final deal on TikTok. We reached it in Madrid, and I think as of today all the details are agreed upon, and the two leaders are supposed to finalize this deal on Thursday in Korea, ”said Scott Bessent.
When asked about the details of the agreement with TikTok, Bessent noted that he was ”not involved in the commercial side of the deal.”
“My job was to get the Chinese to agree to approve the deal, and I think we did that in the last two days,” he added.
In September, Donald Trump signed an executive order that keeps TikTok available to users in the United States. To ensure security, the platform will be managed by a newly created joint venture, with the Chinese company ByteDance’s share not exceeding 20%.
On April 24, 2024, then-President Joe Biden signed a law that required ByteDance to sell TikTok to an American owner within nine months or the social network would be blocked in the United States. The country’s Department of Justice recognized the platform as a threat of “enormous depth and scope” to national security, noting that through it China spreads propaganda and uses software that encourages children to spend more time on the application.
However, Trump has repeatedly postponed the introduction of these restrictions. On September 19, he and Chinese leader Xi Jinping “made progress” in agreeing a deal on TikTok.
