Khaberni - U.S. Treasury Secretary Scott Bisent said on Thursday that China has agreed to an agreement to transfer ownership of the TikTok app, expecting the agreement to move forward in the coming weeks and months, but he did not elaborate further.
He added on Fox Business Network after a meeting between President Donald Trump and his Chinese counterpart Xi Jinping, "We finalized a deal to obtain Chinese approval regarding TikTok, and I expect it to make progress in the coming weeks and months, and we will finally see a solution for that."
The Chinese Ministry of Commerce stated in a statement earlier today that Beijing will appropriately deal with issues related to TikTok with the United States.
TikTok, owned by the Chinese company ByteDance, has not yet commented.
Doubts have surfaced over the past 18 months about the fate of the app, which is used by 170 million Americans, after Congress passed a law in 2024 requiring the Chinese owners of TikTok to sell the app's assets in the United States by January 2025.
At the end of last month, Trump signed an executive order, announcing that his plan to sell TikTok operations in the United States to American and global investors will address the national security requirements of the 2024 law.
At that time, U.S. Vice President J.D. Vance stated that the value of the new American company would be about $14 billion, revealing for the first time a price for the popular short-video app, but without specifying how its value was calculated.
Trump postponed the implementation of the law that bans the app unless it is sold by the Chinese owners until December 16th of the following year to complete some procedures.
ByteDance, the Chinese parent company of "TikTok," values itself at about $330 billion.
