Key Points
- China has approved the transfer agreement for the short video app TikTok.
- U.S. Treasury Secretary Scott Bessent announced the approval, expecting a resolution in weeks/months.
- The announcement followed a meeting between U.S. President Donald Trump and Chinese leader Xi Jinping.
- The move aims to resolve long-standing U.S. security concerns about TikTok’s Chinese ownership and user data.
China has given the green light to the transfer of the popular short-video app TikTok. U.S. Treasury Secretary Scott Bessent announced this on Thursday, stating that he expects the deal to move forward in the coming weeks and months, though he didn’t share any further details.
Bessent announced Fox Business Network after President Donald Trump met with Chinese leader Xi Jinping. He said, “In Kuala Lumpur, we finalized the TikTok agreement in terms of getting Chinese approval, and I would expect that would go forward in the coming weeks and months, and we’ll finally see a resolution to that.”
Earlier on Thursday, China’s Commerce Ministry had released a statement saying that China would “properly handle TikTok-related issues with the United States.” This latest development suggests a significant step towards resolving the long-standing uncertainty surrounding TikTok’s ownership and operations, particularly concerning its presence in the U.S. market.
The push for a transfer or sale of TikTok’s U.S. operations came from concerns within the U.S. government about the security of American user data, given that TikTok’s parent company, ByteDance, is based in China. U.S. officials had worried that the Chinese government could potentially access U.S. user data or influence the content seen by American users through the app.
China’s approval of the agreement indicates a potential breakthrough in what has been a complex, politically charged negotiation. This move could pave the way for a new ownership structure or operational arrangement that addresses the U.S.’ security concerns, allowing TikTok to continue operating in the country without the threat of a ban.
While specific details of the approved transfer agreement are still under wraps, the announcement from both U.S. and Chinese officials suggests that both sides have found common ground. This could be seen as a positive outcome of the recent high-level talks between President Trump and President Xi, indicating a willingness to de-escalate certain areas of tension between the two economic superpowers.
The resolution of the TikTok saga would bring much-needed clarity for the app’s millions of users and its employees in the United States.
