US Treasury Secretary Scott Besant said Sunday that the TikTok deal announced last month is expected to be finalized on Thursday when President Trump meets with Chinese President Xi Jinping, CBS reports.
“We have reached a final agreement for TikTok. “We reached an agreement in Madrid and I believe that, as of today, all the details have been settled and it will be up to the two leaders to complete the transaction on Thursday in Korea,” Bessent said on “Face the Nation with Margaret Brennan.”
President Trump signed an executive order last month that cleared the way for a deal that will allow TikTok to continue operating in the US under a new corporate structure with American investors. However, details were not immediately clear. When asked about the details of the TikTok transaction on Sunday, Besant said he was “not involved in the commercial side of the transaction.”
“My mission was to get the Chinese to approve the transaction and I think we’ve achieved that in the last two days,” he said.
Trump is expected to meet with Xi at the Asia-Pacific Economic Cooperation summit in South Korea on Thursday.
Trump said last month that Chinese President Xi Jinping had agreed during a phone conversation. The deal represented an “extraordinary divestiture,” satisfying a law passed by Congress in April 2024 that required TikTok’s Chinese parent company to divest or face a ban.
The White House said last month that the deal would create a US-based “consortium” made up of a majority of American investors, as well as a majority American board of directors. ByteDance and its affiliates will own less than 20% of the new entity.
».
Source :Skai
With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
