The US and China have agreed on a framework to transfer TikTok into US-controlled ownership, ending years of uncertainty over the app’s future. US trade representative Jamieson Greer confirmed the breakthrough, while treasury secretary Scott Bessent said commercial terms had been agreed but would not be disclosed.
Chinese negotiator Li Chenggang said both sides reached a basic consensus on resolving TikTok-related issues through cooperation. The deal addresses US security concerns over TikTok’s Chinese parent company, ByteDance, following 2024 legislation requiring a sale to a US-approved buyer or a ban.
The TikTok saga began in 2020 when former President Trump ordered ByteDance to divest the platform. Microsoft, Walmart, and Oracle all pursued acquisitions, but deals fell through. Oracle has hosted TikTok’s US data since 2022 under a security agreement.
Final approval will come after a meeting between Trump and Chinese President Xi Jinping on Friday. The platform has over 135 million US users, although government devices remain barred from the app.
