Washington and Beijing have reached a preliminary agreement on TikTok's US operations, paving the way for the app to be brought under American ownership. The news was confirmed by Treasury Secretary Scott Bessent, who said President Donald Trump and Chinese leader Xi Jinping are expected to finalize the deal on Friday.
Trump stated that the talks had "gone very well," while the Chinese side stressed that it would not accept a solution that harms the interests of its companies.
The deadline to find a buyer for TikTok in the US expires on Wednesday, but has been postponed several times and is expected to end on September 17. US media reports that Oracle is among the companies involved to enable TikTok's operations to continue in the country.
The TikTok deal is seen as a key element of trade talks between the US and China, aimed at reducing tariffs and trade barriers between the world's two largest economies.
