TikTok deal to be finalized Thursday, Treasury Secretary Scott Bessent says

U.S. Treasury Secretary Scott Bessent said the TikTok deal reached in Madrid will be finalized Thursday when President Trump meets Chinese President Xi Jinping in South Korea, telling Face the Nation he believes Chinese approval has been secured over the past two days. Bessent, speaking from Kuala Lumpur during Mr. Trump’s Asia trip, stressed he isn’t on the commercial side. The White House outlined a U.S.-based joint venture with majority American ownership, leaving ByteDance under 20% and including investors such as Oracle. Rep. John Moolenaar welcomed progress but warned of continued Chinese involvement.

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