US, China expected to announce TikTok deal this week

Speaking on CBS News' "Face the Nation" on October 26, US Treasury Secretary Scott Bessent said that China and the US have "agreed" on the details of the TikTok deal, and an official announcement is expected when the two leaders meet on October 30.

Speaking to "Face the Nation" host Margaret Brennan on October 26, Mr. Bessent said that the parties reached a final agreement on TikTok in Madrid.

He believes that up to now, all details have been agreed upon and the two leaders will officially complete this agreement on October 30 in South Korea.

Mr. Trump is currently in Malaysia attending the Association of Southeast Asian Nations (ASEAN) Summit and will travel to South Korea on October 30, where he is expected to meet with Chinese President Xi Jinping.

Under the terms of the deal, which have been disclosed by the White House so far, the app will be spun off into a new US joint venture owned by a group of US investors, including Oracle and investment firm Silver Lake Partners. The group will have a combined stake of about 80%, while TikTok parent ByteDance is expected to have a 20% stake in the new entity.

The board of directors of the new platform will be controlled by US investors. ByteDance will have a representative on the board, but they will not be involved in security issues or related committees.

The announcement comes after months of back-and-forth negotiations between the US and China over the TikTok app, its algorithm and operating parameters in the US. Last month, the US government said China had agreed to a deal, but nothing had been finalised.

The US talks over TikTok's ownership stem from national security concerns. During his first term, Mr. Trump raised concerns about TikTok and sought to ban the app. Former President Joe Biden then set a January 2025 deadline for a deal or the app would be shut down in the US.

When he returned to office earlier this year, Mr. Trump said he wanted a deal and delayed the ban, keeping the app temporarily operational.

TikTok has a profound influence in the US. According to a report by the Pew Research Center, about 43% of adults under 30 in the US said they regularly get news from TikTok, a higher rate than any other social media app, such as YouTube, Facebook and Instagram./.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/my-trung-quoc-du-kien-cong-bo-thoa-thuan-tiktok-trong-tuan-nay-post1072950.vnp