The US and China have reached a framework agreement to transfer TikTok to US-controlled ownership, marking a major step in the long-running dispute over the app. US trade representative Jamieson Greer confirmed the deal, while Treasury Secretary Scott Bessent said the commercial terms had been agreed but would not be publicly disclosed.
Chinese negotiator Li Chenggang said both sides reached a basic consensus on resolving TikTok-related issues through cooperation. The agreement follows US security concerns over TikTok’s Chinese parent company ByteDance, with legislation in April 2024 requiring the platform to be sold to a US-approved buyer or face a ban.
The ownership saga began in 2020 when Donald Trump first demanded ByteDance divest TikTok. Microsoft, Walmart, and Oracle explored acquisitions, but all deals fell through. Oracle has since hosted TikTok’s US data under a security agreement.
Final details are expected after a meeting between Trump and Chinese President Xi Jinping on Friday. TikTok has over 135 million active US users, though federal government devices remain barred from using the app.
