Overview

• After a Trump–Xi phone call, the U.S. president said China’s leader agreed to a framework to transfer TikTok’s U.S. business to American investors, but he offered few details and stopped short of declaring a final agreement.
• Chinese state media omitted any explicit approval, highlighting that negotiations should follow market rules and Chinese law and urging Washington to avoid unilateral trade measures.
• Reports point to an Oracle‑led consortium with Silver Lake and Andreessen Horowitz taking about 80 percent of a new U.S. entity, while ByteDance would retain a minority stake and license the recommendation algorithm.
• A U.S. law requires ByteDance to divest TikTok’s U.S. assets or face app‑store removal, a deadline Trump has repeatedly extended as negotiators work through data security and control concerns affecting roughly 170 million U.S. users.
• Trump announced plans to meet Xi at the APEC summit in South Korea and to visit China next year, with both sides still working through technical, legal and financial terms before any deal could be finalized.