US, China reach deal to allow TikTok sale, Bessent says — with Trump and Xi set to ‘consummate’ agreement

WASHINGTON — The US and China have finalized a deal to transfer TikTok to new owners, Treasury Secretary Scott Bessent revealed on Sunday.

President Trump and Chinese leader Xi Jinping will officially “consummate” that deal when they meet in Busan, South Korea on Thursday — marking the first time the two have seen each other in person since 2019.

“We reached a final deal on TikTok,” Bessent told CBS News’ “Face the Nation” on Sunday. “We reached one in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea.

Trump had signed an executive order last month to pave the way for the TikTok transfer deal, but the two sides still had a few details to figure out at the time.

Bessent declined to provide additional details about the finalized deal, noting that he wasn’t “part of the commercial side of the transaction.”