New Hope for TikTok: China, US Move Closer to Agreement After Trump–Xi Meeting
TikTok: Hopes for reconciliation between China and the US over the TikTok deal have increased. Following the meeting between Presidents Xi Jinping and Donald Trump in Busan, China stated that it will work with the US to resolve issues related to TikTok.
New hope has once again emerged between China and the US regarding the TikTok dispute. After the meeting between US President Donald Trump and Chinese President Xi Jinping in Busan on Thursday, both countries showed progress on several key issues. China has approved the transfer agreement of the short video app TikTok. US Treasury Secretary Scott Bessant said they are still hopeful that the deal will move forward in the coming weeks and lead to a resolution. In this deal, the US operations of TikTok will be sold to a group of US and global investors.
President Donald Trump had signed the sale plan in an attempt to meet national security requirements and declared that the algorithms would be monitored by the US company. Chinese-based ByteDance will hold less than a 20% stake in this new entity. It will be able to nominate one of the seven board members.
Following the meeting, China's Ministry of Commerce issued a statement stating that China will properly resolve issues related to TikTok with the US. However, the ministry did not clarify what decision has been reached regarding the future of TikTok's US unit. US Treasury Secretary Scott Bessant recently stated that the two countries are close to a definitive deal regarding TikTok's ownership. The Trump administration has long sought to ensure that TikTok's US operations are controlled by American investors to reduce national security risks.