The US and China have agreed on a final deal to transfer ownership of TikTok’s US operations, according to Treasury secretary Scott Bessent, marking a major step in negotiations that have stretched across multiple administrations.
“We reached a final deal on TikTok,” Bessent said during an appearance on CBS’s Face the Nation on Sunday. He added that the agreement was completed in Madrid and will be formally signed by Donald Trump and Xi Jinping during their upcoming meeting in Korea later this week.
While Bessent declined to reveal specifics, he said the TikTok arrangement was part of a larger US–China trade framework that will also cover agricultural exports and fentanyl-related issues. The deal follows Trump’s September executive order, which laid the groundwork for new, US-based ownership with majority American investors.
According to reports, the transaction is valued at about $14 billion. Under the terms, US and international investors will hold roughly 65% of TikTok’s American business, while ByteDance and Chinese stakeholders will retain under 20%. Control over the app’s algorithm will also pass to the new board, dominated by US representatives, who will fill six of seven seats.
Potential American investors include media magnate Rupert Murdoch and Oracle founder Larry Ellison, both of whom are Trump allies.
The deal brings an end to years of uncertainty following Washington’s repeated efforts to restrict TikTok over national security concerns. Congress passed a law banning the app in 2024, though its enforcement was delayed while the current administration sought a sale agreement.
Trump, currently on a diplomatic tour of Asia, is expected to meet Xi on Thursday to finalize the TikTok transfer and discuss broader trade issues, including soybean exports and tariffs on Chinese goods.
