TikTok’s U.S. future rests on Trump–Xi meeting this week
Treasury Secretary Scott Bessent said Monday that Washington and Beijing have reached a “framework” agreement over TikTok’s future, potentially clearing the way for U.S.-controlled ownership of the app.
- The agreement includes licensing ByteDance’s Chinese algorithm and other IP rights.
- “It’s between two private parties, but the commercial terms have been agreed upon,” Bessent said during U.S.-China trade talks in Madrid.
- Presidents Donald Trump and Xi Jinping are expected to meet this Friday to discuss the terms.
- TikTok’s parent, ByteDance, faces a Sept. 17 deadline to divest or risk a U.S. shutdown.
- Oracle is involved in the deal, according to CBS News.
Why we care. The deal may put an end to a major U.S.-China tech standoff, as Trump repeatedly warned TikTok can’t stay in the U.S. without American ownership.
The details. Trump said in a Truth Social post that a deal was reached involving a company “young people in our Country very much wanted to save.”
- U.S. Trade Rep. Jamieson Greer suggested the deadline could be extended briefly to finalize signatures, but stressed no rolling extensions.
- The framework comes after months of executive order extensions delaying a shutdown.
Between the lines. Congress last year barred Apple and Google from distributing TikTok in U.S. app stores, labeling it a “foreign adversary-controlled application.”
- Several potential U.S. buyers have surfaced, including Oracle’s Larry Ellison, Tesla’s Elon Musk, AI startup Perplexity, and Frank McCourt’s Project Liberty.
What’s next. Trump and Xi’s meeting will determine whether the framework becomes a binding deal, averting TikTok’s forced exit from the U.S. market.
Dig deeper:
- Trump grants TikTok another 90-day lifeline as sale talks stall
- Trump likely will delay TikTok ban again
- Trump extends TikTok sale/shutdown deadline by another 75 days
- Amazon makes surprise bid for TikTok ahead of U.S. ban deadline
- TikTok restores service in the U.S., credits Trump for reprieve
- Supreme Court upholds TikTok divestment order: What you need to know
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