US EditionTrump Administration Says TikTok Deal Is Set to Be Finalized Thursday
The $14 billion deal gives US and international investors majority control and algorithm oversight to address cybersecurity concerns, following 2024 Congressional legislation.
- During the Asia tour in Malaysia, Scott Bessent, U.S. Treasury Secretary, said both sides agreed in Madrid and that all the details are ironed out ahead of the deal finalization scheduled for Thursday in Korea.
- After Congress ordered a sale in 2024, U.S. officials cited cybersecurity fears and President Donald Trump signed a September executive order enabling a deal with majority U.S. investors.
- Under the proposal, the new joint venture would be run by a U.S.-based board with national security credentials, with an 80% American-controlled stake and Oracle as the main security provider.
- According to ByteDance's report, TikTok added more than $24 billion to the U.S. economy in 2024, with more than 170 million U.S. users and a $14 billion valuation estimate for U.S. operations.
- Under the proposal, TikTok's content recommendation algorithm would be inspected, retrained on U.S. user data, and operated with oversight by new investors, shifting control from ByteDance.
15 Articles
15 Articles
Trump administration says TikTok deal is set to be finalized Thursday
Treasury Secretary Scott Bessent says a deal to keep TikTok operating in the U.S is set to be finalized on Thursday when President Donald Trump is scheduled to meet with Chinese President Xi Jinping.Speaking Sunday on CBS News' "Face the Nation," Bessent said the two sides came to an agreement during a recent meeting in Madrid."I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that tra…
Bessent's announcement before the meeting between Trump and Xi. "Excludes" the 100% duty threat since November
The US and China are locked in a fierce trade war, sparked by Trump's imposition of high import tariffs, heightened when US access to TikTok was threatened, and escalated after China imposed severe export restrictions on rare earth metals.
TikTok US ban threat finally comes to an end
After nearly five years of court battles and geopolitical wrangling, Beijing and the White House might finally be on the verge of ending a major tech standoff. The US treasury secretary Scott Bessent announced on Sunday that China and the US have “finalised the details” of a deal that would relocate TikTok’s American operations to new U.S.-based owners. If confirmed, the move could end years of uncertainty over the future of the viral short-form…
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