Treasury Secretary says President Trump and Xi Jinping will complete TikTok deal this week

U.S. Treasury Secretary

https://www.cbsnews.com/news/scott-bessent-treasury-secretary-face-the-nation-transcript-10-26-2025/

Trump and Xi will 'consummate' TikTok deal on Thursday, treasury secretary says | TechCrunch
https://techcrunch.com/2025/10/26/trump-and-xi-will-consummate-tiktok-deal-on-thursday-treasury-secretary-says/

TikTok was deemed an 'adversarially controlled application' under the Protecting Americans from Foreign Adversary-Controlled Applications Act (commonly known as the TikTok Ban Act), which was enacted under the Joe Biden administration. The company was required to sell its business or cease service in the United States by January 19, 2025.

Since the attempted TikTok ban, President Donald Trump has extended the decision deadline four times as he continues negotiations to acquire TikTok's US operations. The Wall Street Journal reported that a consortium of investors, including software company Oracle, venture capital firms Silver Lake, and Andreessen Horowitz, may be considering acquiring TikTok. Treasury Secretary David Bessent announced that the US and China had agreed on a 'framework' for TikTok. President Trump subsequently signed an executive order to facilitate the TikTok acquisition transaction.

The US and China finally reach a 'framework' agreement regarding TikTok's business continuity - GIGAZINE

On Sunday, October 26, 2025, Treasury Secretary Bessent appeared on the CBS news program Face the Nation and said that the United States and China had reached a final agreement on the TikTok deal.

'We reached an agreement in Madrid and as of today, we believe all the details have been finalized. The two leaders will sign the contract on Thursday in South Korea,' Bessent said. 'My job was to get the Chinese side to agree and approve this deal, and I believe we have successfully achieved that over the past two days,' he said, without giving details of the agreement.

Under the terms of the executive order, TikTok's US business (including its recommendation algorithm, source code, content moderation, and other functions) will be placed under the control of a new board of directors, and Oracle will be responsible for its security operations.

TikTok's US operations will be transformed into a new joint venture, with investors including Oracle, led by President Trump's ally Larry Ellison, Fox Corporation, owner of Fox News, and venture capital firms Andreessen Horowitz and Silver Lake, whose participation has been confirmed by President Trump.

Treasury Secretary Bessent also acknowledged that Chinese and American trade negotiators have reached a framework for an agreement on tariffs and other trade issues.

U.S. trade negotiator Jamieson Greer told reporters that rare earth elements also came up in the talks, but did not provide specifics. China has expanded its export controls on rare earth elements for national security reasons.

China expands rare earth export restrictions, tightening restrictions on materials such as hard drives for national security reasons, posing a risk to PC parts supplies - GIGAZINE