• by Colin Kirkland , Yesterday

The White House expects to reach a final deal with China later this week with regard to TikTok, according to a recent “Face The Nation” interview with U.S. Treasury Secretary Scott Bessent.

“We reached a final deal on TikTok,” Bessent told CBS News journalist Margaret Brennan. “We reached one in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea.”

When asked for more detail, Bessent was unable to provide additional information, reiterating that the Trump administration “successfully accomplished” the transaction approval with China.

According to the terms of the deal Bessent is referencing, TikTok, which is owned by ByteDance, would be sold into U.S. ownership to ensure the enforcement of the Protecting Americans from Foreign Adversary Controlled Applications Act passed by the Senate in January. 

Following four legally dubious executive orders extending the selloff deadline, as well as a swath of potential buyers, President Donald Trump announced this current iteration of the deal with China last month. 

Upon the announcement, top Chinese trade negotiator Li Chenggang confirmed that both sides had reached a consensus on resolving previous issues related to the deal, which would see a stateside version of the app controlled by an investor consortium made up of Oracle, Silver Lake, and Andreessen Horowitz. These groups would hold an 80% stake in TikTok, while Chinese shareholders retained the remaining 20%. 

The new U.S.-based TikTok company would have an American-dominated board with one member chosen by the U.S. government. Oracle is expected to recreate the beloved TikTok algorithm strictly for the 170 million active stateside users. 

If a deal is finalized on Thursday, it would come well before the December 16 deadline put forth by Trump.