WASHINGTON (Reuters) – China has approved a deal to transfer short-video app TikTok, U.S. Treasury Secretary Scott Bessent said on Thursday, adding that he expects the deal to move forward in the coming weeks and months but without giving other details.
“In Kuala Lumpur, we finalized the deal with TikTok in terms of getting Chinese approval, and I hope that will move forward in the coming weeks and months, and we will finally see a resolution to this,” he told Fox Business Network after US President Donald Trump’s meeting with Chinese President Xi Jinping.
China’s Ministry of Commerce said in a statement earlier on Thursday that the country will properly handle TikTok-related issues with the United States.
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TikTok, which is owned by China-based ByteDance, did not immediately comment.
The fate of the app used by 170 million Americans remained uncertain for more than 18 months after the US Congress passed a law in 2024 that ordered TikTok’s Chinese owners to sell the app’s US assets by January 2025.
Trump signed an executive order on September 25 declaring that the plan to sell TikTok’s US operations to a consortium of US and global investors meets national security requirements set out in the 2024 law and gave them 120 days to complete the transaction. He also postponed the application of the law until January 20.
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