What just happened? An end to the long-running saga over TikTok's future could be in sight. US Treasury Secretary Scott Bessent has confirmed that China has finally approved the transfer agreement for the app, and that more progress toward a resolution is expected to be made over the coming weeks and months.
Following President Trump's meeting with Chinese President Xi Jinping in Kuala Lumpur, Bessent told Fox Business Network, "we finalized the TikTok agreement in terms of getting Chinese approval, and I would expect that would go forward in the coming weeks and months, and we'll finally see a resolution to that."
China's Commerce Ministry said in a statement that China would properly handle TikTok-related issues with the United States.
In April 2024, the Protecting Americans from Foreign Adversary Controlled Applications Act was signed into law by then-President Biden, defining TikTok as being a threat to national security and controlled by a foreign adversary – China, in this case. The bill gave TikTok a deadline of January 20 to sell its US operations or be banned in the US.
In one of his first acts after taking office, Trump signed an executive order delaying the ban for 75 days to April 5. He handed the app another 75-day extension a day before that date, pushing the deadline to June 19. A third extension arrived in June, giving the app another 90 days to find a buyer for its US business.
WATCH: President Trump signed an executive order approving the sale of TikTok's US operations to American and global investors, citing compliance with 2024 national security law requirements https://t.co/L7xQbrJFT8 pic.twitter.com/8pHapGDxBZ
– Reuters Business (@ReutersBiz) September 26, 2025
In September, Trump signed an executive order (above) approving a plan for a group of US and global investors to take control of TikTok's American operations, giving them 120 days to complete the transaction. He also temporarily delayed enforcement of the ban until January 20, allowing extra time for the new ownership structure to be finalized.
Under the plan, ByteDance would hold less than 20% in TikTok US to comply with US law. It will also be one of seven board members for the new entity – Americans will hold the other six seats. A coalition led by Oracle, the private equity firm Silver Lake, and Abu Dhabi-based MGX is expected to hold around 45 to 50 percent.
A recent Pew Research Center survey found that about one-third of Americans said they supported a TikTok ban, down from around 50% in March 2023. About 43% of US adults under the age of 30 say they regularly get news from TikTok, more than any other social media app.
Masthead: Solen Feyissa
China finally approves TikTok transfer deal, seemingly ending long-running US dispute
