US treasury secretary Scott Bessent said the US and China have finalized a deal to transfer TikTok’s US version to new owners, with Donald Trump and Xi Jinping expected to seal it at a Thursday meeting in Korea. Speaking on CBS, Bessent called it part of a broader trade framework and noted his role was securing Chinese approval. Trump’s Sept. 25 executive order set terms: majority American investors, oversight of the algorithm, and six of seven board seats. The $14bn deal would give US and international investors about 65%, with ByteDance and Chinese investors under 20%.

Prepared by Christopher Adams and reviewed by editorial team.