The US and China have reached a final agreement on the sale of TikTok’s US operations, treasury secretary Scott Bessent confirmed on Sunday.
Speaking on CBS’s Face the Nation, Bessent said the deal was completed in Madrid and will be formally approved when Donald Trump and Xi Jinping meet later this week in South Korea.
The $14 billion agreement gives US and international investors about 65% ownership, with ByteDance and Chinese investors keeping less than 20%. Oversight of TikTok’s algorithm will pass to the new owners.
Bessent described the deal as part of a broader US–China trade framework to be discussed at the upcoming summit, which will also cover agriculture, trade balances, and the fentanyl crisis.
The deal follows years of political tension over TikTok’s Chinese ownership and data security, resolving a long-running dispute that began during Trump’s first presidency.
