(NewsNation) — The U.S. and China have finalized a deal to allow popular social media app TikTok to continue to operate in the U.S., according to Treasury Secretary Scott Bessent.
“In Kuala Lumpur, we finalized the TikTok agreement in terms of getting Chinese approval,” Bessent told Fox Business. “And I would expect that would go forward in the coming weeks and months, and we’ll finally see a resolution to that.”
The deal will include TikTok being spun off into a separate U.S. entity that is owned by American investors.
President Donald Trump has been working to negotiate a deal since taking office, repeatedly delaying enforcement of a law passed by Congress that would ban TikTok from operating in the U.S. unless it was sold to American investors.
Tariffs, trade and TikTok: Takeaways from Trump-Xi meeting
While TikTok is a Singaporean company, lawmakers on both sides of the aisle expressed fears that it was a national security threat because the app’s parent company, ByteDance, is a Chinese company.
While Congress was united in opposition to the app, American users objected and questioned the motivation behind a ban.
Bessent’s comments come as Trump is winding up a trip through Asia, including a meeting with Chinese President Xi Jinping. The pair also discussed trade and efforts to cool down an escalating trade war.
While Bessent indicated the deal was done, a Chinese spokesperson with the Ministry of Commerce was more cautious, saying on Thursday that Beijing had agreed to work with the U.S. to resolve issues.
The Hill contributed to this report.
