A TikTok deal has been reached with China, the Trump administration says
6 months ago
- #US-China Relations
- #TikTok Sale
- #National Security
- Deal reached between Trump administration and China to keep TikTok operational in the US, announced by administration officials.
- US Treasury Secretary Scott Bessent stated a framework agreement is in place; Trump and Xi Jinping to finalize it Friday.
- Oracle's Larry Ellison is widely expected to lead the US-backed buyer group for TikTok's US assets.
- US Trade Representative Jamieson Greer emphasized the deal respects US national security while ensuring fairness for China.
- TikTok faced a US ban under a bipartisan law, but Trump's executive actions have delayed enforcement and pushed for a sale.
- Trump's position shifted from advocating a ban to supporting a deal, influenced by TikTok's role in his 2024 election victory.
- Multiple investor groups expressed interest, but Ellison is seen as the most viable due to financial capability and existing ties to TikTok.
- The agreement may involve a joint venture, with debates over allowable Chinese ownership, and marks progress toward a Trump-Xi meeting.