A deal has been reached between the Trump administration and China to keep TikTok operational in the United States, administration officials announced Monday, concluding a yearslong effort that began during President Donald Trump’s first term.
US Treasury Secretary Scott Bessent said that a framework agreement has been reached, and Trump will speak with Chinese leader Xi Jinping Friday to finalize the deal. The agreement and conversation is a precursor to a Trump-Xi meeting that both sides have sought for months, US officials said Monday after a framework plan was announced.
“President Trump played a role in this, we had a call with him last night, we had specific guidance from him we shared it with our Chinese counterparts,” Bessent said in Madrid on Monday. “Without his leadership and the leverage he provides, we would not have been able to include the deal today.”
The Trump administration did not name the US-backed buyer, but the group is widely expected to be led by Oracle executive chairman Larry Ellison, who last week briefly became the world’s richest person. Trump in January had said he would champion Ellison, a Trump supporter, buying the app’s US assets.
Chinese and US diplomats have been meeting this week in Spain to discuss trade and other matters. Bessent, leading the latest round of trade talks with China on behalf of the United States, had said that TikTok was one of the subjects likely to be discussed.
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