The US and China have agreed on a framework to transfer TikTok to US-controlled ownership, marking a breakthrough in a long-running dispute over the app’s national security risks. US trade representative Jamieson Greer confirmed the agreement, while Treasury Secretary Scott Bessent said the commercial terms had been finalized but declined to provide details.
Chinese negotiator Li Chenggang said both sides reached a consensus on resolving TikTok-related issues through cooperation. The deal follows 2024 legislation requiring ByteDance, TikTok’s Chinese parent, to sell the platform to a US-approved buyer or face a ban.
The ownership saga began in 2020 when Donald Trump ordered ByteDance to divest TikTok. Microsoft, Walmart, and Oracle all pursued acquisitions, but none succeeded. Oracle has continued to serve as TikTok’s US cloud provider since 2022 to address security concerns.
Final details will be confirmed after a meeting between Trump and Chinese President Xi Jinping on Friday. TikTok has over 135 million US users, though federal government devices remain barred from using the app.
