The United States and China have reached a final agreement to sell TikTok’s U.S. operations, Treasury Secretary Scott Bessent confirmed on Sunday, marking a breakthrough in a long-running dispute over the video-sharing platform’s ownership and data security.
Speaking on CBS’ “Face the Nation,” Bessent said the deal would be formally approved by President Donald Trump and Chinese President Xi Jinping at a bilateral meeting in Korea later this week.
“We have reached a final agreement on TikTok,” Bessent said. “We have reached it in Madrid and I believe that all the details have been clarified. It will be up to the two leaders to complete this transaction.”
While Bessent declined to reveal details of the agreement, he confirmed that the TikTok deal is part of a broader trade framework currently being negotiated between Washington and Beijing that is expected to cover agriculture, technology access and fentanyl control.
The announcement follows Trump’s executive order on September 25, which cleared the way for new U.S.-led ownership of TikTok, including a majority stake owned by U.S. investors.
“My job was to get the Chinese to approve the transaction,” Bessent said. “I think we’ve accomplished that in the last two days.”
According to sources familiar with the talks, the deal – worth about $14 billion – will give U.S. and international investors a 65 percent stake in TikTok’s U.S. business, while ByteDance and Chinese shareholders have less than 20 percent. The agreement also gives the new American owners control of the TikTok algorithm and six of seven board seats.
The transaction has already attracted political attention in Washington. Rupert Murdoch and Oracle founder Larry Ellison are reportedly among the investors backing the acquisition. Barron Trump, the president’s 19-year-old son, has been suggested as a potential board member by former Trump media associates.
TikTok, owned by Beijing-based ByteDance, has been at the center of geopolitical tensions since Trump’s first term, when he sought to ban the app on national security grounds. His successor Joe Biden signed a bipartisan TikTok ban in April 2024, but implementation was repeatedly delayed to allow time for an ownership transfer.
The timing of the agreement is important. Trump arrived in Malaysia on Sunday ahead of the ASEAN summit, part of a five-day tour of Asia that will culminate in a face-to-face meeting with Xi on Thursday.
The two leaders are expected to discuss soybean and agricultural purchases, the U.S. trade deficit and the American fentanyl crisis, which the White House has cited as justification for maintaining 20 percent tariffs on Chinese imports.
Analysts say the TikTok deal is likely intended to demonstrate progress in U.S.-China negotiations ahead of more complex trade talks later this year.
