US President Donald Trump on Tuesday announced that the United States and China have reached a deal over TikTok, potentially averting a looming ban on the popular video-sharing app.
"We have a deal on TikTok, I've reached a deal with China, I'm going to speak to President Xi (Jinping) on Friday to confirm everything up," Trump told reporters before departing the White House for a state visit to Britain.
The agreement follows two days of negotiations in Madrid between US treasury secretary Scott Bessent and Chinese vice premier He Lifeng, officials said. TikTok, owned by China-based ByteDance, has nearly two billion global users.
A federal law requiring TikTok to be sold to US-controlled ownership or face a nationwide ban was set to take effect the day before Trump’s inauguration on January 20. The Republican, who previously paused enforcement of the law, granted a 90-day extension in June, which expires on Wednesday.
"We have a group of very big companies that want to buy it," Trump said, without confirming if the White House would extend the deadline to finalize the arrangement.
US officials told media outlets that the deal is also a condition for Trump’s planned meeting with Xi at the APEC summit in South Korea next month.
CNBC reported that the agreement will bring in new investors alongside existing stakeholders in ByteDance, with Oracle expected to play a central role given its existing role in TikTok’s US operations.
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