China has approved TikTok transfer deal, Bessent says
Where the TikTok deal stands after Trump and Xi’s meeting
- China has approved the transfer agreement for the social media app TikTok, as confirmed by U.S. Treasury Secretary Scott Bessent.
- Bessent expects the deal, which addresses TikTok's U.S. operations, to advance in the coming weeks and months.
- This agreement follows a 2024 U.S. law that required TikTok's Chinese owners, ByteDance, to sell its American assets by January 2025.
- Donald Trump signed an executive order on September 25, endorsing the sale plan and providing 120 days for completion, while delaying enforcement until January 20.
- The deal mandates that ByteDance will retain less than 20% ownership in TikTok U.S. and appoint one of seven board members, with the app's algorithm to be retrained and monitored by U.S. security partners.