Top official claims China approved the transfer agreement of TikTok USA | Details
&imwidth=600&imheight=450&format=webp&quality=medium "Top official claims China approved the transfer agreement of TikTok USA | Details")
TikTok is owned by China-based ByteDance. The app is used by 170 million Americans. Photograph: (AFP file)
TikTok-United States deal: The spokesperson said that the Chinese side will work with the United States “to properly address issues related to TikTok."
US Treasury Secretary Scott Bessent said on Thursday that China has approved the transfer agreement for TikTok. The deal will move forward in the coming months. He, however, refrained from giving any more details.
"In Kuala Lumpur, we finalized the TikTok agreement in terms of getting Chinese approval, and I would expect that would go forward in the coming weeks and months, and we'll finally see a resolution to that," he told Fox Business Network's "Mornings with Maria".
This was after US President Donald Trump met with Chinese leader Xi Jinping. China's commerce ministry said in a statement that the country will handle issues linked with TikTok with the US.
The spokesperson said that the Chinese side will work with the United States “to properly address issues related to TikTok.”
TikTok is owned by China-based ByteDance. The app is used by 170 million Americans.
In 2024, the US Congress passed a law ordering TikTok's Chinese owners to sell the app's US assets by January 2025. However, it received extensions.
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On September 25, Donald Trump signed an executive order declaring that the plan to sell the company's US operations to a clutch of US and global investors would satisfy the security requirements. His administration gave ByteDance 120 days to complete the transaction. He said the law will be implemented in January 2026.
Per the deal, TikTok's algorithm will be retrained and monitored by the US company's security partners.
ByteDance will appoint one of the seven board members of the company's US operations. American citizens will occupy the remaining six positions.
According to the deal, ByteDance would hold less than 20 per cent in TikTok's US operations. It will be closed down if it doesn't comply with the law by the deadline.
US Representative John Moolenaar said this month that a licensing agreement for use of the TikTok algorithm would raise "serious concerns", reported Reuters.