Oct. 26 (UPI) -- President Donald Trump and Chinese President Xi Jinping could "consummate" the TikTok deal announced last month this week, Treasury Secretary Scott Bessent said.
"We 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," Bessent said in an interview Sunday morning on "Face the Nation."
Trump had signed an executive order in late September to complete a deal estimated at $14 billion that would create a U.S. entity to control TikTok, with American investors owning 80% of the company and its parent company ByteDance maintaining less than 20%.
It would satisfy an April 2024 law passed by Congress in the Biden administration requiring ByteDance to divest from the company or the platform would be banned for some 170 million U.S. users.
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