US: China approves TikTok transfer deal

In the Fox Business Network program “Mornings with Maria,” the US Treasury Secretary said that China has approved the agreement to transfer to the US the short video application TikTok.

On October 30, US Treasury Secretary Scott Bessent said China had approved the transfer of short video app TikTok to the US.

He expressed hope that this transfer process will be implemented soon in the near future.

The information was shared by Minister Bessent on Fox Business Network's "Mornings with Maria" program after the meeting between US President Donald Trump and Chinese President Xi Jinping.

On the same day, China's Ministry of Commerce also issued a statement saying that Beijing will coordinate with Washington to harmoniously handle issues related to TikTok.

Since the US Congress passed the 2024 law requiring ByteDance - TikTok's parent company - to sell the app's US assets by January 2025, TikTok's fate has been a big question mark for the past 18 months.

According to the newly reached agreement, ByteDance will appoint one of the seven members of TikTok's US Board of Directors, while the remaining six seats will be held by US representatives.

In addition, the Chinese group will only hold less than 20% of TikTok's shares in the US to comply with the provisions of the 2024 Act, which requires the application to close by January 2025 if ByteDance does not divest in the US.

Previously, on September 25, President Trump signed an executive order to transfer TikTok's US operations to a joint venture of US and international investors, a move believed to meet national security requirements set out in the 2024 law. The deadline for completing the transaction is 120 days.

In addition, the decree also extends the law's implementation period until January 20, 2026, to facilitate the transition process.

Under the plan, TikTok's algorithm would be retrained and monitored by US security partners, and the operation of the algorithm would be under the control of the new joint venture.

However, some US lawmakers have expressed concerns that licensing TikTok's algorithm as part of the asset sale could "raise serious concerns" about security in the future.

TikTok currently has about 170 million American users./.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/my-trung-quoc-thong-qua-thoa-thuan-chuyen-giao-tiktok-post1074050.vnp