US Has Reached Deal on TikTok Future, Trump Suggests

KEY TAKEAWAYS

• U.S. President Donald Trump suggested that the U.S. and China appeared to have settled on the fate of TikTok, after saying that a deal was reached “on a ‘certain’ company that young people in our Country very much wanted to save."
• The comments came hours after Treasury Secretary Scott Bessent said Washington and Beijing are close to resolving the issue around TikTok, which is facing a ban in the U.S. around its Chinese ownership.
• Bessent was speaking on the second day of trade talks between the U.S. and China and also said the U.S. won't "sacrifice" its national security for TikTok.

President Donald Trump suggested that the U.S. and China have come to an agreement on the fate of TikTok. In a post on his Truth Social platform, Trump said a deal has been reached “on a ‘certain’ company that young people in our Country very much wanted to save.”

"The big Trade Meeting in Europe between The United States of America, and China, has gone VERY WELL! It will be concluding shortly," he posted. "I will be speaking to President Xi on Friday. The relationship remains a very strong one!!!"

Trump made the comment on his Truth Social platform just hours after Treasury Secretary Scott Bessent said Washington and Beijing are close to resolving the issue around TikTok, which is facing a ban in the U.S. around its Chinese ownership.

“I think on the TikTok deal itself, we are very close or we've resolved the issue. There are a range of other asks that are unresolved,” Bessent told reporters in Madrid on Monday morning, ahead of a second day of trade talks between Beijing and Washington.

“We made very good progress on the technical details of the agreement. In terms of the overall agreement itself, our Chinese counterparts have come with a very aggressive ask,” said Bessent, who is leading the talks on the U.S. side. “We will see if we can get there. At present, we are not willing to sacrifice our national security for a social-media app.”

TikTok parent ByteDance has until Sept. 17 to agree to sell the social media platform to a U.S.-based owner or be banned in the country, unless President Trump extends the deadline. He has twice extended the deadline on when the Biden-era law requiring the sale goes into effect.

Do you have a news tip for Investopedia reporters? Please email us at tips@investopedia.com