TRUMP AND XI STRIKE DEAL – TikTok transfer is finalized ahead of Korea Summit
President Donald Trump and Chinese leader Xi Jinping have finalized an agreement for the highly anticipated transfer of ownership of the popular social media application TikTok, effectively ending a multi-year, high-stakes power struggle over the platform’s future.
Treasury Secretary Scott Bessent delivered the major announcement yesterday, confirming that “All the details are ironed out,” and that the two world leaders are scheduled to “consummate that transaction on Thursday in Korea” when they meet at the upcoming summit.
This historic resolution provides clarity for the app, which has become one of the world’s most dominant social media platforms but whose Chinese ownership had long been flagged by U.S. officials as a major national security risk. Bessent, however, remained tight-lipped about the crucial specifics of the commercial arrangement, declining to reveal the identity of the app’s new owner, stating only that he was not involved in the “commercial side of the transaction.”
