‘TikTok USA’ Deal with China Expected to be Signed Thursday—According to US Treasury Secretary Scott Bessent

The TikTok USA deal that was first announced in September appears to be ready to cross the finish line, according to U.S. Treasury Secretary Scott Bessent. Bessent spoke with Margaret Brennan on ‘Face the Nation’ about the deal.

President Trump signed an executive order in September that paved the way for TikTok to keep operating in the United States under a new corporate structure. When asked if those details were finalized, Bessent stated that they were, but that he could not share any details of the transaction.

“Has China agreed to give up control of the algorithm that determines what users see?” Brennan asked Bessent. “Margaret, we reached a final deal on TikTok. We reached one in Madrid, and I believe that as of today, all of the details are ironed out and that will be for the two leaders to consummate that transaction on Thursday in Korea.”

When pressed for details, Bessent responded: “I’m not part of the commercial side of the transaction. The—my remit was to get the Chinese to agree to approve the transaction, and I believe we successfully accomplished that over the past two days.” Brennan then pressed Bessent on whether the U.S. made any concessions beyond what was discussed with tariffs. Bessent stated there were no changes in export controls.

President Trump and Chinese President Xi Jinping are scheduled to meet on Thursday in South Korea, marking their first in-person summit since 2019. The meeting will take place on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Busan, South Korea and is expected to focus on trade, technology, and regional security measures. One of the primary focuses will be Trump’s 100% tariff on Chinese exports set to take effect two days after the summit.

China responded to those tariffs with export controls on rare earth metals and related technology, which are critical for electronics and military goods. Both sides have reportedly reached a preliminary framework for a trade deal, aiming to avert the new tariffs and address issues such as agricultural purchases, fentanyl exports, and rare earth exports.