The US and China might finally have a TikTok deal

The US and China person reached a “framework” woody to divest TikTok from its Chinese genitor company, Treasury Secretary Scott Bessent told reporters during commercialized talks successful Madrid connected Monday. As noted by Reuters, Bessent confirmed that “the model is for a power to a U.S.-controlled ownership.” He said Trump volition corroborate the woody with Chinese President Xi Jinping connected Friday — two days aft the latest deadline to merchantability oregon prohibition the app.

The preliminary woody comes aft months of rocky negotiations betwixt TikTok and the Trump administration. The app faced a prohibition successful January, but President Donald Trump granted TikTok an extension to enactment retired a woody to merchantability its operations successful the US, arsenic required by the Protecting Americans from Foreign Adversary Controlled Applications Act. Trump granted TikTok two more extensions after that, giving it until September 17th to scope an agreement. It’s chartless whether helium volition formally widen the deadline oregon see this announcement capable to number arsenic a divestiture; it’s besides unclear whether the woody volition fulfill the requirements laid retired successful the law. 

Bessent told reporters that the US and China are “very close” to reaching a deal, but that China had immoderate “very assertive asks,” according to The New York Times. (The parties were adjacent to a woody earlier this twelvemonth too, but it fell done acknowledgment to Trump’s commercialized war.) In July, reports from The Information and Reuters suggested that Oracle and respective different investors, including Susquehanna International Group and Andreessen Horowitz, would marque a bid for TikTok, portion its China-owned genitor company, ByteDance, would get a number stake. TikTok is reportedly moving connected a caller mentation of the app with an algorithm trained lone connected information from US users. 

In a station connected Truth Social, Trump said the gathering betwixt China and the US went “VERY WELL,” adding that “a woody was besides reached connected a ‘certain’ institution that young radical successful our Country precise overmuch wanted to save.”