U.S., China Finalize TikTok Transfer, Linked to Broader Deal

Treasury Secretary Scott Bessent said the United States and China have finalized a deal to transfer TikTok’s U.S. operations to a U.S.-based joint venture that Presidents Trump and Xi are expected to “consummate” when they meet in Busan. The arrangement implements Trump’s executive order and a 2024 law requiring ByteDance to divest, leaving ByteDance with a reported minority stake under 20% and giving a majority stake to U.S. and allied investors including reported names such as Larry Ellison, Michael Dell, Rupert Murdoch, Silver Lake and Andreessen Horowitz, with the restructured U.S. entity valued at about $14 billion. Bessent said he would not disclose commercial specifics, and several outlets noted uncertainty about what, if anything, remains unresolved. The deal is intended to address national-security concerns over U.S. user data storage and algorithm control by placing TikTok’s U.S. operations under American ownership and oversight. Bessent also framed the TikTok agreement as part of a broader U.S.-China understanding from recent Kuala Lumpur talks that reportedly averted a planned 100% tariff hike, delayed Chinese rare-earth export curbs for a year, and included substantial Chinese purchases of U.S. farm goods ahead of the leaders’ summit.