Trump and Xi Will ‘Consummate’ TikTok Deal on Thursday, Treasury Secretary Says
The long-awaited TikTok agreement is finally happening. Trump and Xi will ‘consummate’ TikTok deal on Thursday, Treasury Secretary Scott Bessent confirmed, marking a major milestone in U.S.-China tech relations.
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Bessent revealed that both nations have finalized a framework that’s been in the works since discussions in Madrid. President Donald Trump had previously signed an executive order setting the stage for the transaction.
Final Agreement Reached Between U.S. and China
In his Sunday appearance on CBS’ Face the Nation, Bessent said the U.S. and China have reached “a final deal on TikTok.”
“We reached one in Madrid, and I believe that as of today, all the details are ironed out. That will be for the two leaders to consummate that transaction on Thursday in Korea,” he stated.
He declined to provide more details but emphasized his role was to secure China’s approval of the deal — something he said had been successfully achieved in recent talks.
Trump’s Long Push to Reshape TikTok’s Future
Trump has repeatedly extended deadlines requiring TikTok’s parent company, ByteDance, to sell the app or face a U.S. ban. His administration’s stance has centered on data security concerns and reducing Chinese influence over American users.
Under the new terms, TikTok’s U.S. operations — including its algorithm, source code, and content moderation — will come under the control of a new U.S.-based board. Oracle, led by Trump ally Larry Ellison, will oversee all security operations to ensure compliance with U.S. regulations.
Oracle and Fox Corp Take Strategic Roles
As part of the deal, Oracle and Fox Corp (owner of Fox News) are expected to play significant roles. Oracle will manage cybersecurity and data protection, while Fox Corp may have an advisory position to ensure content transparency and compliance with U.S. media standards.
Analysts say this partnership could create a blueprint for future tech agreements between the U.S. and China — balancing innovation, competition, and national security.
What Happens Next
The meeting between Trump and Xi in Korea is expected to finalize and sign off the transaction formally. The move could signal a thaw in tech relations between the two superpowers after years of tension over data privacy and digital sovereignty.
If completed as planned, Trump and Xi’s TikTok deal could reshape global perceptions of cross-border tech cooperation, potentially influencing how future deals between U.S. and Chinese firms are structured.
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