US and Chinese officials have reached a framework agreement for transferring TikTok's ownership to US control. Treasury Secretary Scott Bessent announced the deal, stating that commercial terms are agreed upon but private. This resolves a long-standing dispute over national security concerns related to TikTok's Chinese parent company, ByteDance. The agreement, following previous failed attempts at acquisition, awaits final approval from President Biden and President Xi Jinping. This marks a significant step toward resolving the TikTok ownership saga.

Prepared by Lauren Mitchell and reviewed by editorial team.