The United States and China have reached a final agreement on the sale of TikTok’s US operations, treasury secretary Scott Bessent announced on Sunday, marking a major step in efforts to resolve one of the most contentious issues between the two powers.
Speaking on CBS’s Face the Nation, Bessent said the deal was completed during negotiations in Madrid, with final approval expected when Donald Trump and Xi Jinping meet later this week in South Korea.
“We reached a final deal on TikTok,” Bessent said. “All the details are ironed out, and it will be for the two leaders to consummate that transaction.”
While Bessent did not reveal the specifics, he described the agreement as part of a wider US–China trade framework, expected to include talks on agriculture, trade balances, and the fentanyl crisis.
According to reports, the $14 billion deal will see US and international investors control about 65% of TikTok’s American business, with ByteDance and other Chinese shareholders retaining less than 20%. Oversight of the app’s algorithm will pass to the new owners, who will hold six of seven board seats.
The announcement follows Trump’s September executive order directing the app’s transfer to US-based control. Speculation has grown around the new ownership group, which reportedly includes Rupert Murdoch and Larry Ellison.
TikTok’s sale concludes years of political and legal wrangling over the app’s data security and Chinese ownership. Congress voted to ban TikTok in 2024 under then-president Joe Biden, but the ban was repeatedly delayed as Trump’s administration pursued a negotiated transfer.
Trump is currently on a five-day tour of Asia, with the high-stakes meeting with Xi set for Thursday — where both leaders are expected to finalize the TikTok deal and discuss new trade terms.
