In a Sunday morning appearance on CBS’ Face the Nation, Bessent said the U.S. and China have reached “a final deal on TikTok.”
“We reached one in Madrid, and I believe that as of today, all the details are ironed out, and that will be for the two leaders to consummate that transaction on Thursday in Korea,” – the Bessent said.
He declined to discuss the details of the agreement, but added, “My remit was to get the Chinese to agree to approve the transaction, and I believe we successfully accomplished that over the past two days.”
Under the terms of Donald Trump’s executive order, TikTok’s operations in the US, including its recommendation algorithm, source code and content moderation, will be controlled by a new board of directors, while Oracle will be responsible for security operations.
Bessent made today’s comments from Kuala Lumpur, Malaysia, where Chinese and American trade negotiators also said they had reached a framework for an agreement over tariffs and other trade issues.
U.S. trade negotiator Jamieson Greer told reporters that rare earth minerals were discussed in the discussion, although he did not specify how. (China has said it will tighten export controls on these minerals, which are crucial for the production of semiconductors and other technology products.)
“We talked about extending the truce, we talked about rare earths, of course, we talked about all kinds of topics,” Greer said.
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