TikTok Deal: U.S. and China Resolve App Ownership Saga

President Trump announced a deal allowing TikTok to continue operating in the U.S., transferring American assets to U.S. ownership from China's ByteDance. The agreement aims to protect national security and concludes prolonged negotiations amid trade tensions. The TikTok saga highlights complexities in U.S.-China relations and digital economics.

In a significant development in U.S.-China relations, President Donald Trump on Tuesday confirmed an agreement that will keep TikTok operational in the United States. Sources indicate that this deal reflects prior negotiations, compelling the app's American assets to move from China's ByteDance to U.S. ownership.

This deal is deemed a milestone in easing trade tensions between the world's largest economies, coming ahead of a looming deadline. While specifics remain undisclosed, Trump assured that prominent American companies are interested in acquiring TikTok, highlighting its significance in political and social spheres.

Media reports say the agreement involves a complex transaction needing approval from the Republican-led Congress. The preliminary terms allow ByteDance to retain a minority stake, with the American division predominantly managed by U.S. investors. This resolution seeks to safeguard U.S. national security concerns while addressing Chinese interests.

(With inputs from agencies.)