US President Trump and Chinese President Xi engage in conclusive discussions on a potential TikTok deal; both heads of state to convene in the near future.
US President Donald Trump and Chinese President Xi Jinping have agreed on a deal regarding TikTok's future in the United States, following a phone call on Friday. The deal, if confirmed, would involve TikTok's US business being sold to American investors, forming a consortium that would acquire 80% of TikTok USA, with ByteDance retaining about 20%.
The American investors involved in the possible sale include Oracle, co-founded by Trump ally Larry Ellison, Andreessen Horowitz, Silver Lake, media mogul Lachlan Murdoch, Oracle founder Larry Ellison, and Dell CEO Michael Dell. The deal reportedly includes these US firms.
A key sticking point in the deal is who will own the powerful algorithm that serves content to TikTok's 170 million American users. Trump did not provide a clear answer during his visit to the UK with British Prime Minister Keir Starmer, stating that the deal still needs to be signed but hinting that a formal process could happen soon.
TikTok, owned by Chinese company ByteDance, has faced pressure from Washington to sell its US operations or face a ban. The potential sale comes after Trump delayed the ban four times since January and extended the deadline again this week to December this year.
China's stance on TikTok's sale to American investors is "very clear" and supports firms in "conducting commercial negotiations based on market rules and reach[ing] solutions that comply with Chinese laws and regulations and a balance of interests." China's official news agency, Xinhua, hopes for an "open, fair, and non-discriminatory business environment for Chinese companies to invest in the United States."
ByteDance thanked both leaders for their efforts to preserve TikTok in the United States, but the statement left doubt about how close a final deal really is. Trump praised the potential investors of TikTok, saying "The people that are investing in it are among the greatest investors in the world. And they'll do a great job - and we're doing it in conjunction with China."
The deal regarding TikTok's future in the US is still pending and needs to be signed. Trump and Xi Jinping also made progress on trade issues during their phone call, agreeing to meet three times, including at the Apec Summit in South Korea.
Read also:
- United States tariffs pose a threat to India, necessitating the recruitment of adept negotiators or strategists, similar to those who had influenced Trump's decisions.
- Weekly happenings in the German Federal Parliament (Bundestag)
- Southwest region's most popular posts, accompanied by an inquiry:
- Discussion between Putin and Trump in Alaska could potentially overshadow Ukraine's concerns
