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transfer agreement for viral social media Application tiktok China, has been approved by the US Treasury Secretary Scott Besant Said.
Without giving further details, Besant said Thursday she expected the deal to move forward in the coming weeks and months.
On Thursday morning, China’s Commerce Ministry said it would properly handle TikTok-related issues with the US
TikTok, which is owned by China ByteDancedid not immediately comment on the deal.
“In Kuala Lumpur, we finalized the TikTok agreement in terms of getting Chinese approval, and I hope that will move forward in the coming weeks and months, and we will ultimately see a resolution to this,” Besant told Fox Business Network after the press conference. donald trumpMeeting with Chinese leader Xi Jinping.
The fate of the app used by 170 million Americans remains uncertain more than 18 months after the US Congress passed the resolution. Law In 2024 he 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 TikTok’s plan to sell its US operations to a consortium of US and global investors meets the national security requirements set out in the 2024 law and gave them 120 days to complete the transaction. They also delayed implementing the law till January 20.
Trump’s order states that the algorithms will be retrained and monitored by the U.S. company’s security partners, and that the operation of the algorithms will be under the control of the new joint venture.
The agreement on TikTok’s US operations includes the appointment by ByteDance of one of the seven board members for the new entity, while the other six seats are held by Americans.
ByteDance will have less than a 20% stake in TikTok US to comply with requirements set out in the law, which mandates that it be shut down by January 2025 if ByteDance does not sell its US assets.
Representative John Moolenaar, the Republican chairman of the House Select Committee on China, said this month that a licensing agreement for the use of TikTok algorithms, as part of a deal struck by ByteDance to sell the short video app’s U.S. assets, would raise “serious concerns.”