"In Kuala Lumpur, we finalised the TikTok agreement in terms of getting Chinese approval, and I would expect that would go forward in the coming weeks and months, and we'll finally see a resolution to that, Bessent told the Fox Business Network programme Mornings with Maria on Thursday following US President Donald Trump's meeting with Chinese leader Xi Jinping."
"The fate of the app used by 170 million Americans has remained uncertain for more than 18 months after the US Congress passed a law in 2024 that ordered TikTok's Chinese owners to sell the app's US assets by January 2025. Trump signed an executive order last month declaring that the plan to sell TikTok's US operations to a consortium of US and global investors meets the national security requirements set out in the 2024 law and gave them 120 days to complete the transaction."
China approved the transfer agreement for TikTok's US operations, clearing a major hurdle for a planned sale of US assets. Negotiations were finalised in Kuala Lumpur and progress is expected in the coming weeks and months. Chinese authorities indicated they will properly handle TikTok-related issues with the United States. US actions include a 2024 law ordering the sale of TikTok's US assets and a presidential executive order that set security conditions, delayed enforcement, and gave the buyers a deadline to complete the transaction. The proposed deal limits ByteDance's role on the new entity's board.
Read at www.aljazeera.com
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