China, TikTok and Trade Representative
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The US and China have finalized a deal to transfer the American version of TikTok to new owners, Treasury Secretary Scott Bessent revealed on Sunday.
Treasury Secretary Scott Bessent said on “Face the Nation” on Sunday that China and the United States had reached “a final deal on TikTok,” but offered few details.
This comes about a month after President Donald Trump signed an executive order declaring that the new TikTok deal met the requirements of the 2024 law that banned TikTok from operating in the U.S. At the time, Vice President JD Vance said the deal values the U.S. TikTok assets at $14 billion, as Deadline reported.
The White House has answered what had been one of the major outstanding questions regarding its pending deal to transfer TikTok’s US operations to a majority American ownership group: Under the agreement,
U.S. President Donald Trump signed an executive order on Thursday declaring that his plan to sell TikTok's U.S. operations to U.S. and global investors will meet the requirements in a 2024 law that says the short video app will be banned unless its Chinese owners sell it.