by Late Friday, President Trump stated that the United States essentially has an agreement for an American company to buy the U.S. TikTok branch. He also stated that he planned to resume negotiations with China the following week to finalize the agreement.
On Friday night, as Air Force One departed to Bedminster, New Jersey, Mr. Trump informed reporters that he would begin speaking with China on Monday or Tuesday. We believe that we will most likely need to gain China’s approval. Probably, but not sure.
I believe the accord is beneficial for both China and us, he continued. There’s a lot of money involved.
The identity of the possible buyer was not disclosed by Mr. Trump. Earlier this week, the president said that he had found a buyer for the U.S. division of TikTok, the well-known Chinese-owned video app that Congress has banned due to national security concerns. Unless ByteDance, the app’s parent business, transferred it to a non-Chinese corporation, a 2024 law mandated that the app be essentially prohibited in the US. Congress was worried that the Chinese government would obtain private user information.
It was unclear whether the agreement would adhere to some of the guidelines Congress established for the sale of TikTok, especially if ByteDance decided not to disclose the algorithm of the app to the American purchasers. Without some kind of indemnity, private equity firms have been reluctant to invest in a venture.
The statute barring the app was approved with broad bipartisan support and unanimously affirmed by the Supreme Court, but Mr. Trump has refused to implement it. Mr. Trump signed an executive order shortly after taking office, instructing the Justice Department to halt the TikTok ban’s implementation. He has since extended it on several occasions. Attorney General Pam Bondi has informed tech businesses that Mr. Trump has the constitutional authority to essentially overturn legislation.
