TikTok Triumph: U.S.-China Agreement Averts App Shutdown

An agreement was reached to keep TikTok operational in the U.S., requiring the transfer of its American assets to U.S. owners. The deal involves TikTok's divestiture from ByteDance, aiming to alleviate U.S. national security concerns while addressing Chinese interests.

President Donald Trump announced a pivotal agreement that ensures TikTok's continued operation in the United States. American ownership of TikTok's assets will address persistent security concerns, a move poised to ease tensions between the U.S. and China.

The arrangement requires TikTok's assets to shift from ByteDance to U.S. stakeholders, marking a resolution nearly a year in the making. This development is set to dissolve the controversy surrounding TikTok, a social media platform with 170 million U.S. users, by transferring majority ownership to American companies just under the regulatory threshold.

U.S. Treasury Secretary Scott Bessent confirmed that the commercial terms were mostly settled since March, with a handful of details remaining. The deal has political implications, requiring Congress's approval, as the database maneuvers to ensure U.S. data security against potential Chinese government espionage.

(With inputs from agencies.)