The US and China have reached a final agreement on the sale of TikTok’s American operations, treasury secretary Scott Bessent announced on Sunday.
Speaking on CBS’s Face the Nation, Bessent said the deal was completed in Madrid and will be formally approved when Donald Trump and Xi Jinping meet later this week in South Korea.
Valued at $14 billion, the deal will give US and international investors about 65% ownership, with ByteDance and Chinese shareholders retaining less than 20%. Control of the app’s algorithm will pass to the new owners.
The agreement is part of a broader US–China trade framework, expected to cover issues like agriculture and fentanyl exports. It follows Trump’s September executive order requiring TikTok’s transfer to US-based ownership.
The upcoming Trump–Xi meeting is set to finalize the sale and mark a potential reset in US–China trade relations.
