Online Reporter
WASHINGTON. – The United States and China reached a framework agreement to switch short-video app TikTok to US-controlled ownership that will be confirmed in a call between President Donald Trump and Chinese President Xi Jinping on Friday, USofficials said yesterday. US Treasury Secretary Scott Bessent said a Wednesday deadline that could have switched off the popular social media app in the US encouraged Chinese negotiators to reach a potential deal.
He said that deadline could be extended by 90 days to allow the deal to be finalised. He declined to discuss specifics of the deal.
Bessent said when commercial terms of the deal are revealed, it will preserve aspects ofTikTok that Chinese negotiators care about, including its “Chinese characteristics.”
It is the second time this year that the two sides have said they were nearing a TikTok deal. The earlier announcement in March ultimately did not pan out. Any agreement could require approval by the Republican-controlled Congress. The Trump administration has repeatedly declined to force a shutdown, which could anger the app’s millions of users and disrupt political communications, including those of the White House.
It is not clear whether parent company ByteDance would transfer control of the app’s underlying technology to the unnamed US buyer.
Trump praised the TikTok deal yesterday.”The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL! It will be concluding shortly,” Trump wrote on his Truth Social platform.”A deal was also reached on a “certain” company that young people in our Country very much wanted to save. They will be very happy! I will be speaking to President Xi on Friday. The relationship remains a very strong one!” – Reuters
