TikTok Deal: Trump, China's Xi Set to Finalize Details Later This Week, Says US Treasury Secretary

The TikTok deal for its sale to a US-based owner is nearing its end with President Donald J. Trump and Chinese President Xi Jinping set to finalize its details later this week.

This was confirmed by US Treasury Secretary Scott Bessent in his latest interview, claiming that it follows the recent framework deal agreement between the two superpower country leaders last month.

It was also in their agreement last month when President Trump signed an executive order to help the deal progress.

Trump, China's Xi to Finalize Details This Week on TikTok Deal

According to a report by TechCrunch, Bessent made an appearance on CBS's "Face the Nation," and here, he revealed that Trump and Xi are set to finalize the details of the TikTok deal. The two state leaders are set to meet later this Thursday, October 30, in Korea to talk about the finalization of the TikTok deal.

The Treasury secretary also mentioned the recent agreement that they reached in Madrid during the last meeting of President Trump and President Xi, and the next one in Korea will bear more concrete results for it.

"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," said Bessent.

What Is Part of Trump's TikTok US Deal with China?

Bessent avoided discussing any specifics regarding the deal and what transpired over at Madrid, with the US official also refusing to divulge anything about the upcoming meeting in Korea.

That said, TechCrunch noted that the deal involves Larry Ellison's Oracle, FoxCorp, Andreessen Horowitz, and Silver Lake Management. The proposal from President Trump would have TikTok's operations, its recommendation algorithm, source code, and content moderation controlled by the new board of directors.

The TikTok US Deal Is Being Finalized

Since January, China has already expressed its approval of the US TikTok sale that would have ByteDance divest the social media app to an American buyer. However, the deal has stretched for months as Trump was not yet able to finalize the details at first, and initial proposals were rejected by the Chinese authorities.

The US TikTok deal saw as many as three deadline extensions from President Trump that kept it from getting banned within the country, similar to what it experienced in January, and has effectively given China time to decide on its fate. That said, at one point during the deal, President Trump threatened to ban TikTok in the US should China and ByteDance fail to make their decision and approve a deal that he has been offering.

Despite the deal seemingly set towards completion now, President Trump and his administration have not yet publicly confirmed who the people are behind the TikTok US deal apart from the familiar names already mentioned.