Trump and Xi will ‘consummate’ TikTok deal on Thursday, treasury secretary says

The US and China are ready to move forward on a TikTok deal, according to Treasury Secretary Scott Besant.

Besant had previously said the two countries last month A “framework” of an agreement is reached During the talks in Madrid, and President Donald Trump’s aftermath signed an executive order To facilitate transactions.

In Sunday morning appearance on CBS’ ‘Face the Nation’Besant said the US and China had “reached a final agreement on TikTok.”

“We reached one in Madrid, and I believe that as of today, all the details have been cleared, and it is for the two leaders to complete that transaction on Thursday in Korea,” Besant said. He declined to discuss the details of the deal, but added, “My motivation was to get the Chinese to agree to approve the transaction and I believe we have successfully done that in the last two days.”

Trump did Repeatedly extended the deadline A law that would require TikTok owner ByteDance to sell the app or see it banned in the US.

Under the terms of his executive order, TikTok’s US operations — including its recommendation algorithm, source code and content moderation — will come under the control of a new board of directors, with Oracle responsible for security operations.

Oracle (led by Trump ally Larry Ellison), Fox Corporation (owner of Fox News), Andreessen Horowitz and Silver Lake Management are reported to be investors in the new joint venture involving Fox. Trump apparently confirmed.

Besant made today’s comments from Kuala Lumpur, Malaysia, where Chinese and American trade negotiators also said they A framework for an agreement is reached On tariffs and other trade issues.

US trade negotiator Jamieson Greer told reporters that rare earth minerals were covered in the talks, although he did not specify how. (The Chinese said it would Tighten export controls (on those minerals, which are important for making semiconductors and other technology products.)

“We talked about extending the truce, we talked about rare earths, of course, we talked about all kinds of things,” Greer said.