Overview
- Treasury Secretary Scott Bessent said a final agreement is in place and that Presidents Trump and Xi are expected to sign it on Thursday in South Korea.
- Under the framework outlined by the White House, a U.S.-based joint venture would run the app with majority American investors and a board dominated by U.S. members.
- ByteDance would hold under 20% of the new entity and license a copy of TikTok’s recommendation algorithm to the U.S. company for operation outside Chinese control.
- Bessent said his remit was to secure Chinese approval and that he believes that sign-off was achieved over the past two days.
- Key technical and regulatory details have not been fully disclosed, and some lawmakers continue to question any continued ByteDance stake.