President Trump announced that the United States has nearly finalized a deal for an American company to take over TikTok’s U.S. operations, indicating that discussions with China are set to commence this week.
During a flight aboard Air Force One on Friday en route to his residence in Bedminster, New Jersey, Trump told reporters, “I think we’re going to start Monday or Tuesday… talking to China, perhaps President Xi or one of his representatives, but we pretty much have a deal.”
Trump noted that the agreement would require approval from Chinese authorities and expressed optimism that the arrangement would be mutually beneficial for both nations.
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“President Xi and I have a great relationship, and I think it’s good for them,” Trump commented. “I think the deal is good for China, and it’s good for us.”
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In a recent interview on Finance Newso News’ “Sunday Morning Futures,” Trump revealed that he had identified American buyers for TikTok, referring to them as “very wealthy people.” He reiterated, “We have a buyer for TikTok, by the way. I think I’ll need probably China’s approval. I think President Xi will probably do it.”
Recently, Trump extended the deadline for ByteDance, the Chinese parent company of TikTok, to divest its U.S. assets for a third time, with September 17 now set as the target date for finding an American buyer, as reported by Reuters.
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Efforts to reach a deal earlier in the year were thwarted when the Chinese government rejected a proposal to spin off TikTok’s U.S. operations to a new company controlled by American investors, citing concerns over the Trump administration’s tariffs.
TikTok, which boasts approximately 170 million active monthly users in the U.S., faced a prior deadline to cease operations by January 19. Trump signed an executive order to extend this deadline by 90 days, followed by additional extensions issued in April and June.
The Protecting Americans from Foreign Adversary Controlled Applications Act, enacted by Congress in April 2024 with bipartisan support, mandates TikTok to separate from ByteDance within nine months or face removal from U.S.-based app stores and hosting services.
This legislative move was prompted by concerns regarding the app’s Chinese ownership, as Congress cited the potential for misuse or unauthorized collection of user data.
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Both the White House and TikTok did not immediately respond to queries from Finance Newso News Digital for comments.
