\n<\/p>\n
US treasury secretary Scott Bessent claimed on Sunday that the US and China have finalized the details of a deal transferring TikTok\u2019s US version to new owners.<\/p>\n
\u201cWe reached a final deal on TikTok,\u201d Bessent said on Sunday on CBS\u2019s Face the Nation with Margaret Brennan. <\/strong><\/em>Alluding to Donald Trump and his Chinese counterpart, Xi Jinping, Bessent continued: \u201cWe reached [a deal] 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\u201d during a meeting scheduled for Thursday in Korea.<\/p>\n Bessent did not disclose any details of the deal. But he did say it was a part of a broader framework \u2013 agreed to by both the US and China \u2013 of a potential trade deal to be discussed when Trump and Xi meet in the coming days.<\/p>\n The comments from Bessent came after Trump signed an executive order on 25 September paving the way for a deal for new ownership based in the US, with a majority of American investors.<\/p>\n \u201cI\u2019m not part of the commercial side of the transaction,\u201d Bessent added. \u201cMy remit was to get the Chinese to agree to approve the transaction, and I believe we successfully accomplished that over the past two days.\u201d<\/p>\n Trump\u2019s 19-year-old son, Barron Trump, has been floated by the president\u2019s former social media producer Jack Advent as a potential board member. Trump has indicated new US investors include conservative media owners Rupert Murdoch and Larry Ellison.<\/p>\n In 2020, during his first presidency, Trump threatened to ban TikTok in 2020 in retaliation for China\u2019s handling of Covid-19.<\/p>\n Congress passed a ban of the app before it was signed into law in April 2024 by Joe Biden when he was president in between Trump\u2019s two terms. It was set to go into effect on 20 January 2025 but was extended four times by Trump while his administration worked to develop a deal to transfer ownership.<\/p>\n The deal is estimated to be valued at $14bn. The majority of US and international investors will own about 65% of the company, with ByteDance and Chinese investors owning less than a 20% stake.<\/p>\n Trump\u2019s executive order hands oversight of the app\u2019s algorithm to the new investors, including six out of seven seats on the board of directors.<\/p>\n Trump arrived in Malaysia on Sunday for a summit of the Association of Southeast Asian Nations, as part of a five-day tour of the continent, with an expected face-to-face meeting between Trump and Xi on Thursday.<\/p>\n The two are expected to discuss soybean and agricultural purchases from US farmers, trade balance, and the American fentanyl crisis, which was cited as the basis for Trump\u2019s 20% tariffs on Chinese imports.<\/p>\n Quick Guide<\/span><\/p>\n <\/span>Show<\/span><\/span><\/p>\n The best public interest journalism relies on first-hand accounts from people in the know.<\/p>\n If you have something to share on this subject, you can contact us confidentially using the following methods.<\/p>\n Secure Messaging in the Guardian app<\/strong><\/p>\n The Guardian app has a tool to send tips about stories. Messages are end to end encrypted and concealed within the routine activity that every Guardian mobile app performs. This prevents an observer from knowing that you are communicating with us at all, let alone what is being said.<\/p>\n If you don’t already have the Guardian app, download it (iOS\/Android) and go to the menu. Select \u2018Secure Messaging\u2019. <\/p>\n SecureDrop, instant messengers, email, telephone and post<\/strong><\/p>\n If you can safely use the Tor network without being observed or monitored, you can send messages and documents to the Guardian via our SecureDrop platform.<\/p>\n Finally, our guide at theguardian.com\/tips\u00a0lists several ways to contact us securely, and discusses the pros and cons of each.\u00a0<\/p>\n Illustration: Guardian Design \/ Rich Cousins<\/p>\n Thank you for your feedback.<\/p>\n","protected":false},"excerpt":{"rendered":" US treasury secretary Scott Bessent claimed on Sunday that the US and China have finalized the details of a deal transferring TikTok\u2019s US version to new owners. \u201cWe reached a final deal on TikTok,\u201d Bessent said on Sunday on CBS\u2019s Face the Nation with Margaret Brennan. Alluding to Donald Trump and his Chinese counterpart, Xi<\/p>\n","protected":false},"author":1,"featured_media":30729,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[2153,696,82,3394,545,2412,544,3111],"class_list":{"0":"post-30728","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-china","9":"tag-deal","10":"tag-final","11":"tag-reach","12":"tag-sale","13":"tag-secretary","14":"tag-tiktok","15":"tag-treasury"},"_links":{"self":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/30728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30728"}],"version-history":[{"count":0,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/posts\/30728\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=\/wp\/v2\/media\/30729"}],"wp:attachment":[{"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/naijaglobalnews.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Contact us about this story<\/h4>\n