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Washington DC – President Donald Trump confirmed on Tuesday that US and China had reached an agreement TiktokBut they remained Coy on the details.
President Donald Trump said the United States had “reached a deal with China” about the sale of TikTok after months of negotiations. © Reutants
“We have a deal on Tiktok, I have reached a deal with China, I will talk to President XI (Jinping) on Friday to confirm everything,” Trump told reporters when he left the White House for a state visit to the UK.
The deal was negotiated for two days of Calls in Madrid between Treasury Secretary Scott Bessent and Chinese Vice President He Lifeng.
TikTok-that has almost two billion global users-owned by China-based Bytdance.
A federal law prohibiting TikTok on the “National Security” grounds unless the platform is sold would come into force the day before Trump’s inauguration on January 20.
But the Republican, whose election campaign 2024 relied strongly on social media and who has said that he is fond of Tiktok, put the ban on the break.
In mid-June, Trump extended a deadline for the app by another 90 days to find a non-Chinese buyer. That extension will expire on Wednesday.
“We have a group of very large companies that want to buy it,” Trump told reporters.
He did not specify if the White House would extend the deadline to give time to complete the deal with China.
Sources told me CNBC that Trump that the agreement will include new investors as well as existing investors in the platform’s Chinese parent company.
Cloud giant Oracle, who already plays an important role in Tiktok’s US infrastructure, will reportedly be an important part of the event.
