The US and China have reached a final deal on the sale of TikTok’s US operations, treasury secretary Scott Bessent announced Sunday. He said the agreement was completed in Madrid and will be formally approved when Donald Trump and Xi Jinping meet later this week in South Korea.
Bessent called the TikTok deal part of a broader US–China trade framework, with further talks expected on agriculture, trade balances, and the fentanyl crisis.
The $14 billion agreement will reportedly give US and international investors about 65% ownership of TikTok’s American business, while ByteDance and other Chinese investors will retain under 20%. Oversight of the app’s algorithm will shift to the new board, controlled mostly by US members.
The deal follows years of political disputes over data security and Chinese influence. It is expected to be finalized when Trump and Xi meet on Thursday.
