US Treasury’s Bessent says China has approved TikTok transfer deal
Summary
China has approved the plan for TikTok to transfer its U.S. operations to new owners. The U.S. Treasury Secretary stated that this agreement is expected to be finalized in the coming weeks and months. This development follows directives from U.S. law and an executive order by President Trump.Key Facts
- China allowed the transfer deal for TikTok's U.S. assets.
- U.S. Treasury Secretary Scott Bessent mentioned the agreement should proceed soon.
- The approval followed a meeting between President Trump and China's leader, Xi Jinping.
- TikTok's parent company, ByteDance, is obliged to sell its U.S. assets following a 2024 U.S. law.
- President Trump signed an order setting terms for TikTok's sale to U.S. and global investors.
- ByteDance will hold less than 20% ownership in the new TikTok U.S. setup.
- A licensing agreement's details raised concerns for some U.S. officials.
- The new agreement specifies that Americans will have most of the board seats for the new TikTok entity.
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