The US and China have reached a final deal on the sale of TikTok’s US operations, treasury secretary Scott Bessent announced Sunday.
Speaking on CBS’s Face the Nation, Bessent said all details were settled during talks in Madrid, with Donald Trump and Xi Jinping expected to formally approve the agreement when they meet in South Korea this week.
The $14 billion deal will give US and international investors about 65% ownership, while ByteDance and other Chinese shareholders will retain less than 20%. Oversight of TikTok’s algorithm will pass to the new US-led board.
Bessent said the sale is part of a broader US–China trade framework to be discussed at the upcoming summit, where Trump and Xi will also address agriculture, trade balances, and the fentanyl crisis.
