After years of work that began during President Donald Trump’s first term, administration officials announced on Monday that the Trump administration and China had reached an agreement to allow TikTok to continue operating in the United States.
A framework agreement has been struck, according to US Treasury Secretary Scott Bessent, and Trump will meet with Chinese leader Xi Jinping on Friday to complete the pact. Following the release of a framework plan on Monday, US officials stated that the agreement and discussion are a prelude to a Trump-Xi meeting that both parties have been pursuing for months.
President Trump was involved in this; we spoke with him over the phone last night, and we provided his precise advice with our Chinese colleagues,” Bessent stated on Monday in Madrid. “We could not have included the deal today without his leadership and the leverage he provides.”
The Trump administration did not identify the US-backed bidder, but it is generally assumed that Oracle executive chairman Larry Ellison, who momentarily became the richest person in the world last week, will lead the company. In January, Trump declared that he would back Ellison, a Trump supporter, in purchasing the US assets of the app.
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