China has officially approved the long-awaited transfer agreement for TikTok, U.S. Treasury Secretary Scott Bessent confirmed Thursday, marking a major step forward in resolving the app’s ownership dispute. Speaking to Fox Business Network’s Mornings with Maria following President Donald Trump’s meeting with Chinese leader Xi Jinping, Bessent said the deal is expected to move forward “in the coming weeks and months,” though he offered no further details.
China’s Commerce Ministry also released a statement affirming that it will “properly handle TikTok-related issues” with the United States. A ministry spokesperson emphasized cooperation, stating that China “will work with the U.S. side to properly address issues related to TikTok.” ByteDance, TikTok’s China-based parent company, has yet to comment on the announcement.
The future of the popular short video platform—used by more than 170 million Americans—has been uncertain since the U.S. Congress passed a 2024 law requiring ByteDance to divest TikTok’s U.S. assets by January 2025 or face a nationwide ban. To comply, Trump signed an executive order on September 25 approving a plan for a consortium of American and international investors to acquire TikTok’s U.S. operations. The order also extends the enforcement deadline until January 20, 2026.
Under the agreement, ByteDance will retain less than a 20% stake in the new U.S. entity and appoint one of seven board members, with Americans holding the remaining six seats. The TikTok algorithm will be retrained and monitored by U.S.-based security partners, ensuring operational control remains within the United States.
However, U.S. Representative John Moolenaar, chair of the House Select Committee on China, warned that a licensing agreement allowing continued use of TikTok’s algorithm could still pose national security risks—signaling ongoing scrutiny even as the deal progresses.