US, China expected to announce TikTok deal this week

Speaking on CBS News' "Face the Nation" program on October 26, US Treasury Secretary Scott Bessent said that China and the US had "agreed" on the details of the TikTok deal, and a formal announcement was expected when the two leaders met 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 all the details have been agreed upon so far, and the two leaders will officially finalize the agreement on October 30th 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.

According to the terms of the agreement disclosed by the White House so far, the app will be spun off into a new US-owned joint venture by a group of American investors, including Oracle and investment firm Silver Lake Partners. This investment group will hold approximately 80% of the shares, while ByteDance, TikTok's parent company, is expected to have a 20% stake in the new entity.

The board of directors running the new platform will be controlled by American investors. ByteDance will have a representative on the board, but they will not be involved in security matters or committees related to that issue.

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

The US negotiations over ownership of TikTok stem from national security concerns. During his first term, President Trump raised concerns about TikTok and sought to ban the app. Subsequently, former President Joe Biden set a January 2025 deadline for reaching an agreement, otherwise 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./.

(VNA/Vietnam+)

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