US trade representative Jamieson Greer announced a framework agreement with China to transfer TikTok into US-controlled ownership. Treasury secretary Scott Bessent confirmed that commercial terms are settled but withheld details, saying they are between private parties. Chinese negotiator Li Chenggang said both sides agreed on a basic framework through cooperation.
The deal marks progress in the long-running dispute over TikTok’s Chinese ownership, which raised security concerns in Washington. President Joe Biden’s 2024 law required ByteDance to sell TikTok within nine months or face a ban, a deadline extended multiple times by Donald Trump. Previous acquisition attempts by Microsoft, Walmart, and Oracle collapsed, though Oracle has hosted TikTok’s US data since 2022.
Final details will be decided when Trump meets Chinese president Xi Jinping on Friday. Greer said the agreement awaits approval from both leaders and ruled out further deadline extensions. The US has over 135 million active TikTok users, even as the app remains banned from federal devices.
